Thomson Reuters in talks with Blackstone

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Blackstone would own 55 percent in the new company and Thomson Reuters would retain a stake of 45 percent.

Thomson Reuters said it will use the bulk of the $17 billion proceeds from the transaction, estimated at $9 billion to $11 billion, to buy back shares in a bid/tender offer to all common shareholders on the close of the transaction.

Thomson Reuters said in a statement that "it is in advanced discussions with Blackstone regarding a potential partnership in its F&R business". The Canada Pension Plan Investment Board declined to comment.

Bloomberg had a 33.4% market share in 2016, compared with 23.1% for Thomson Reuters, according to Burton-Taylor International Consulting.

The Thomson Reuters board was due to vote on the proposed deal with Blackstone today.

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Reuters was unable to determine who would lead the new division.

The company also said it would retain full ownership of its legal, tax and accounting and Reuters News businesses.

Thomson Reuters shares have retreated since October after third-quarter revenue missed analysts' estimates.

Blackstone, which already has business relationships with most of the major banks on Wall Street, bought a small financial information business, Ipreo, in 2014. Reuters is expected to continue to supply news to F&R's flagship desktop product, Eikon, as well as to other products, though the details of the arrangement could not be determined. "We believe F&R is well positioned within Thomson Reuters, but it could be even stronger with a partner like Blackstone".

Thomson Reuters is controlled by Woodbridge, a Canada-based holding company that manages the assets of the Thomson family. In 2016, it off-loaded its intellectual property and science division to Onex and Baring Private Equity Asia for $3.55bn.

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