July 14 (Reuters) – Thomson Reuters said it would sell a 51% stake in its Global Print business to KKR for about $500 million and form a venture with the private equity firm that would hold exclusive license to distribute its content in print and digital books.
The deal, announced on Tuesday, will allow Thomson Reuters to retain intellectual property rights and editorial control over its content portfolio, along with a 49% stake in the venture.
The Global Print business supplies legal and tax information to customers worldwide in print and digital book formats and offers commercial printing services to book publishers.
KKR, one of the world’s biggest private equity firms, has been buying up media and publishing units that larger owners are shedding to focus on faster-growing digital businesses.
“This transaction with KKR provides our Global Print business with the focused investment, operational capabilities, and independence to thrive as a standalone business,” said Steve Hasker, CEO of Thomson Reuters.
Thomson Reuters is the parent company of Reuters News.
(Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur)
