A worker enters the Thomson Reuters building in the Canary Wharf financial district of London
A worker enters the Thomson Reuters building in London's Canary Wharf. REUTERS

Global data and publishing group Thomson Reuters has reached an agreed to sell its intellectual property and science business to private equity firms Onex Corporation and Baring PE Asia for £2.7bn ($3.55bn, €3.21bn).

In a statement on Monday (11 July), the group said it would use $1bn of the net sales proceeds to pay debt, invest in other businesses owned by the company and buy back shares.

The group's IP & Science business, which provides intellectual property and scientific information, and ancillary tools and services to governments, universities and companies around the world, had revenue of $1bn in 2014.

Thomson Reuters first indicated that it was exploring options for the unit, including a sale, back in November 2014.

Guggenheim Securities and JPMorgan Securities were lead financial advisers to Thomson Reuters while Allen & Overy officiated as the legal counsel.