M&A Deal Summary

The Blackstone Group and CPP Investments Acquire Refinitiv

On January 30, 2018, private equity firm The Blackstone Group and pension CPP Investments acquired information services company Refinitiv from Thomson Reuters for 20.0B USD

Acquisition Highlights
  • This is The Blackstone Group’s 2nd and CPP Investments’ 1st transaction in the Information Services sector.
  • This is The Blackstone Group’s 4th and CPP Investments’ largest (disclosed) transaction.
  • This is The Blackstone Group’s 144th and CPP Investments’ 14th transaction in the United States.
  • This is The Blackstone Group’s 17th and CPP Investments’ 1st transaction in New York.
Investment Fate
  • Refinitiv was sold to a publicly-traded strategic buyer in 2019 for 27.0B USD.

M&A Deal Summary
Date 2018-01-30
Target Refinitiv
Sector Information Services
Buyer(s) The Blackstone Group
CPP Investments
Sellers(s) Thomson Reuters
Deal Type Divestiture
Deal Value 20.0B USD

Target

Refinitiv

New York, New York, United States
Refinitiv is a large provider of financial markets data and infrastructure, serving over 40,000 institutions in over 150 countries. It provides data and insights, trading platforms, market data infrastructure and open technology platforms that support and connect the global financial markets community. Refinitiv was formerly known as Thomson Reuters Financial & Risk and is based in New York.

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Buyer(S) 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 235 of 335
Sector (Information Services) 2 of 4
Type (Divestiture) 24 of 33
State (New York) 17 of 22
Country (United States) 144 of 210
Year (2018) 1 of 12
Size (of disclosed) 4 of 171
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-24 Gates Industrial

Denver, Colorado, United States

Gates Industrial is a manufacturer of power transmission belts and a premier global manufacturer of fluid power products. Gates Industrial was founded in 1911 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-01 Clarion Events

London, United Kingdom

Clarion is an event organizer, producing and delivering innovative and market-leading events since 1947. In more recent times the firm has grown into a truly international business, with a portfolio of events and media brands across a range of vertical markets.

Sell -
Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 24 of 51
Sector (Information Services) 1 of 2
Type (Divestiture) 6 of 8
State (New York) 1 of 1
Country (United States) 14 of 26
Year (2018) 1 of 4
Size (of disclosed) 1 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-18 Calpine

Houston, Texas, United States

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Company fleet of 80 power plants in operation or under construction represents approximately 26,000 megawatts of generation capacity. Through wholesale power operations and retail businesses Calpine Energy Solutions and Champion Energy, Company serve customers in 25 states, Canada and Mexico. Calpine clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. Company are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid.

Buy $5.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 NextEra Energy Partners - Canadian Renewable Portfolio

Juno Beach, Florida, United States

NextEra Energy Partners LP - Canadian Renewable Portfolio includes the sale of six fully contracted wind and solar assets, with an average contract life of approximately 16 years and 10-year average CAFD of $38.4 million USD. Located in Ontario, the portfolio has a combined total generating capacity of approximately 396 megawatts (MW) and consists of: Bluewater, a 59.9-MW wind generating facility, ; Conestogo, a 22.9-MW wind generating facility, Jericho, a 149-MW wind generating facility, Summerhaven, a 124.4-MW wind generating facility, Moore, a 20-MW solar energy generating facility and Sombra, a 20-MW solar energy generating facility.

Buy $689M

Seller(S) 1

SELLER

Thomson Reuters

Toronto, Ontario, Canada
Category Company
Founded 1851
Sector Information Services
Employees25,600
Revenue 6.8B USD (2023)
DESCRIPTION
Thomson Reuters' office in Eagan, Minnesota.
Thomson Reuters' office in Eagan, Minnesota.

Thomson Reuters is an information source for businesses and professionals. Thomson Reuters delivers information to decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs people and operates in over 100 countries. Thomson Reuters was originally incorporated in 1851 and is headquartered in Toronto, Ontario.

DEAL STATS #
Overall 26 of 34
Sector (Information Services) 7 of 9
Type (Divestiture) 24 of 32
State (New York) 5 of 7
Country (United States) 17 of 22
Year (2018) 1 of 1
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-06 Clarient Global

New York, New York, United States

Clarient Entity Hub acts as a central hub for investment managers, hedge funds, and corporations to upload, securely store, maintain and permission use of legal entity level information, documentation and ownership information. It integrates technology and operational expertise to provide increased controls, standardization, data quality and transparency during client on-boarding and ongoing client lifecycle activities. Clarient was established in response to the industry’s call to reduce operational complexity and to address regulatory requirements including Know Your Customer (KYC), Foreign Account Tax Compliance Act (FATCA), European Market Infrastructure Regulation (EMIR), and Dodd-Frank requirements.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-23 Integration Point

Charlotte, North Carolina, United States

Integration Point, Inc. offers a comprehensive suite of global trade management software products encompassing almost all industries, geographies and trade programs. Integration Point is based in Charlotte, North Carolina.

Buy -
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