Thomson Reuters On Acquisition Spree: Buys World Business Media In The Insurance Arena

Thomson Reuters Corp TRI disclosed the acquisition of World Business Media Limited for an undisclosed amount.

London-based World Business Media Limited is a cross-platform, subscription-based provider of editorial coverage for the (re)insurance industry. 

This acquisition is at par with TRI’s strategy to offer must-have news and insight for new customer markets and professional verticals.

The business will be included in TRI’s Reuters News division and report to Reuters Professional.

Paul Bascobert, President of Reuters, stated, “We plan to invest in this business to increase its coverage and reach, and we believe we will be able to bring services of greater value to our customers in this sector.”

“With World Business Media Limited’s reach of more than 45,000 insurance professionals, we are truly excited about the opportunities for growth and offering an expanded set of solutions for our customers,” said Josh London, Head of Reuters Professional. 

The company has been on an acquisition spree this month. Last week, TRI disclosed a public tender offer to fully acquire Pagero Group AB for SEK 40 in cash per share, with a total valuation of about SEK 6.4 billion (about $627 million).

As of the third quarter of 2023, TRI held $2.5 billion in cash and cash equivalents. 

The company will report fourth quarter & FY23 results on February 8, 2024.

Price Action: TRI shares closed higher by 1.46% at $147.58 on Tuesday.

Photo via Wikimedia Commons