Onex, Baring Asia to acquire Thomson Reuters IP&S for $3.55B
July 12, 2016
Onex and Baring Private Equity Asia have agreed to buy the intellectual property and science division of Thomson Reuters (TSX: TRI) for $3.55 billion. IP&S provides decision support tools and services that enable academia, corporations, governments and the legal community to discover, protect and commercialize content, ideas and brands; its portfolio includes Web of Science, Thomson CompuMark, Thomson Innovation, MarkMonitor, Cortellis and Thomson IP Manager.
Expected to close later this year, the transaction is reported to be funded with an equity investment of approximately $1.6 billion for complete ownership. Onex’s $1.2 billion portion of the equity investment will be made by Onex Partners IV, which closed in May 2014 on $5.7 billion. Certain limited partners will serve as co-investors.
Canadian PE investor activity cooled off in 1H following a record year. According to the PitchBook Platform, firms based in the country hit a peak of 284 deals in 2015, capping six straight years of growth, though that pace dropped to 111 at this year's midway point. Domestically, Canadian investors are increasingly targeting companies in Quebec (33% of 2016 activity) and British Columbia (22%), two provinces on pace for decade-high percentages.
Here are the top PE investors in Canada over the last two years, along with their deal counts (incl. add-ons):