The Tax & Accounting operations of Tax and Accounting revenue reached $1.6 billion for the year just ended, compared to $1.5 billion for the 2016. The company had revenue of $11.33 billion for the most recently ended year, an increase of 1 percent from $11.17 billion the prior year; a 2-percent increase in constant currency. For 2017, earnings were $1.46 billion, down sharply from $3.15 billion for 2016
That performance was announced as Thomson said it would sell 55 percent of its Financial & Risk operations to Blackstone, which will operate the business as a private company.
"We feel the business is better strategically positioned with Blackstone," Thomson CEO James Smith said in a webcast announcing the deal at the end of January. He said the amount of cash received equaled what Thomson paid when it acquired Reuters-then the parent of the F&R business-in 1988. The purchase price is about $20 billion with roughly $17 billion of that in cash.
F&R contributed the bulk of Thomson's revenue. The total was $6.11 billion for 2017, a 1-percent increase from $6.1 billion the prior year.
The sale leaves the company's operations concentrated on its Legal business, along with Tax & Accounting, along with a smaller Corporate and other segment that includes Reuters News.
However, in answer to analysts' questions, Smith would not be pinned down on the idea Thomas will be primary about Legal and Tax & Accounting and said it will be open to acquisitions when opportunity arises.
