Thomson buys non-China bureaus of Xinhua Finance
SHANGHAI (Reuters) - Thomson Financial, part of Canadian publisher Thomson Corp., has bought seven Asia-Pacific news bureaus from Xinhua Finance Ltd., the Chinese supplier of financial information said on Friday.
Tokyo-listed Xinhua Finance (9399.T) said the deal would allow its Xinhua Finance News (XFN) unit to focus on the greater China region, while Thomson TOC.TO TOC.N would expand its news operations in Asia. Financial terms were not disclosed.
The deal covers XFN bureaus in Tokyo, Manila, Jakarta, Kuala Lumpur, Singapore, Sydney and Seoul. The companies also signed licensing agreements for the exchange of news services after the sale, Xinhua Finance said in a statement.
XFN will keep editorial operations in Beijing, Shanghai, Hong Kong and Taipei, while news operations of Xinhua Finance's other subsidiaries, including Market News International, will not change.
Thomson agreed last month to buy financial data and news company Reuters Group Plc RTRSY.O RTR.L for about 8.7 billion pounds ($17.2 billion). Xinhua Finance shares jumped 8.88 percent to 61,300 yen in Tokyo on Friday.