July 27, 2018 / 10:29 AM / 20 days ago

Thomson Reuters unit to be renamed Refinitiv after Blackstone deal

LONDON (Reuters) - Thomson Reuters Corp’s (TRI.TO) Financial and Risk unit, in which U.S. private equity firm Blackstone Group (BX.N) is buying a majority stake, will be renamed Refinitiv once the deal closes, the company said in a statement on Friday.

A Thomson Reuters logo is pictured on a building during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018. Picture taken January 25, 2018. REUTERS/Denis Balibouse

Blackstone is making its biggest bet since the financial crisis with the $20 billion deal, which pits co-founder Stephen Schwarzman against fellow billionaire and former New York Mayor Michael Bloomberg in the financial information industry.

FILE PHOTO - The logo of Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

The Thomson Reuters unit provides information and related services to financial services professionals. David Craig, current head of Financial and Risk, will be CEO of Refinitiv, Thomson Reuters said in the statement.

The deal is expected to close in 2018, it said.

Thomson Reuters is the parent company of Reuters News.

Reporting by Tommy Wilkes; Editing by Jason Neely and Nick Tattersall

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