TPG acquisition of majority stake in Thomson Reuters’ Elite business
We are advising TPG on the transaction
Davis Polk is advising TPG on its acquisition of a majority stake in Elite from Thomson Reuters that values the business at approximately $500 million. Upon closing of the transaction, TPG Capital, TPG’s U.S. and European late-stage private equity business, will become the majority shareholder of the standalone business. Thomson Reuters will retain a minority ownership stake in the business and have board representation, supporting Elite strategically going forward. Closing of the transaction is subject to specified regulatory approvals and customary closing conditions and is anticipated to occur in the second quarter of 2023.
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $135 billion of assets under management and investment and operational teams around the world.
Thomson Reuters is a leading provider of business information services. Elite provides financial and practice management solutions to the world’s leading law firms, helping customers automate and streamline critical finance and accounting workflows.
The Davis Polk corporate team includes partners Oliver Smith and Darren M. Schweiger and associates Brian Lee and Alex Yang. Partner Pritesh P. Shah and associate Brette L. Trost are providing intellectual property advice. Partner David H. Schnabel and associate Yixuan Long are providing tax advice. Partner Adam Kaminsky and counsel Daniel P. Herrmann are providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.