11:23 AM EST, 03/06/2024 (MT Newswires) -- UBS on Wednesday reiterated its buy rating on the shares of Thomson Reuters ( TRI ) and its US$177.00 price target as the news and information company said it plans to sell part of its stake in London Stock Exchange Group (LSEG).

"Blackstone and Thomson Reuters ( TRI ) consortium announced intraday its intention to sell ~21.5m shares [~3% economic + voting interest] in LSEG. LSEG has separately notified the consortium of its intention to make an off-market purchase in aggregate of ~(L)500m of voting + limited-voting ordinary LSEG. This will be executed concurrently with the Placing in accordance with the terms of the directed buyback contract by LSEG and the consortium in May-23.The consortium currently holds, in aggregate, 33.3m voting shares + 20.6m limited-voting ordinary shares representing ~10% economic interest and 6.8% voting interest in the company. LSEG had previously suggested in FY earnings 29-Feb that it planned to execute ~(L)1B buyback in 2024 aimed at acquiring directly from Blackstone/Thomson Reuters ( TRI ) consortium," the investment bank noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 212.79, Change: -0.53, Percent Change: -0.25