TPG Inc. has signed a definitive agreement to acquire 80.1% stake in Thomson Reuters Elite from Thomson Reuters Corporation for approximately $400 million.

TPG Inc. has signed a definitive agreement to acquire 80.1% stake in Thomson Reuters Elite from Thomson Reuters Corporation for approximately $400 million on April 4, 2023. The transaction is valuing the business at approximately $500 million. Upon closing of the transaction, TPG Capital, TPG’s U.S. and European late-stage private equity business, will become the majority shareholder of the standalone business.

Thomson Reuters will retain a minority ownership stake in the business and have board representation. Closing of the transaction is subject to specified regulatory approvals and customary closing conditions and is anticipated to occur in the second quarter of 2023. Lisa Fontenot, Nancy Hamzo, Lane Morgan, Kai Kramer, Cynthia Cole and Carl Richards of Baker McKenzie are serving as legal counsels to Thomson Reuters, and Oliver Smith, Darren M. Schweiger, Pritesh P. Shah, David H. Schnabel and Adam Kaminsky of Davis Polk & Wardwell LLP is serving as legal counsel to TPG.

Centerview Partners LLC acted as financial advisor to Thomson Reuters Corporation.