LONDON: Merger explorations between Thomson Corporation (a Canadian news and information company incorporated in Connecticut USA) and UK- headquartered Reuters, reported earlier this month [WARC News: 08-May-07], have reached formal agreement on terms and conditions.
Thomson will pay approximately £8.7 billion ($17.28bn; €12.7bn) for Reuters, and the merged entity - to be known as Thomson-Reuters - will supersede Bloomberg as world leader in the sector.
The sale has been endorsed by the Reuters Founders Share Company, which has the power to veto any deal that could impair editorial integrity.
According to Reuters chief executive Tom Glocer, the deal's principal architect: "The combination of these two great businesses will create an exceptional global information company guided by the Reuter Trust Principles."
Not only will Glocer take over as ceo of the merged entity, he is also expected to personally cream £35 million from the deal.
Data sourced from MediaGuardian.co.uk; additional content by WARC staff