Thomson Financial Expands Current News Offering to Provide Financial Professionals with Additional European Real-Time Financial News
LONDON – 14 June 2006 -- Thomson Financial, a division of The Thomson Corporation (NYSE: TOC; TSX: TOC), today announced that it has signed a definitive agreement to acquire AFX News Ltd (“AFX”) from Agence France-Presse. The acquisition further develops Thomson Financial’s European proprietary real-time news offering targeted to clients in the business and financial communities. The transaction is expected to close in July 2006 subject to regulatory review (in Germany). Financial terms of the acquisition were not disclosed.
AFX, based in London, UK, is a leading European independent real-time financial news agency providing equity-focused business, financial and economic news to the investment community. The acquisition builds on the success of Thomson Financial News for investment professionals in North America, and complements Thomson Financial’s existing focused news and analysis services, including Thomson Merger News, Thomson Investment Management News and International Financing Review (“IFR”).
Donal Smith, President, Europe and Asia, Thomson Financial commented: “The acquisition of AFX is consistent with our global news strategy to deliver tailored market-specific information to clients in the business and financial communities. It builds on the success of Thomson Financial News in North America, which is already delivered to over 10,000 desktops. We understand how a targeted financial news service provides our clients with a strategic advantage when tailored to their needs and contextually integrated with our market-leading proprietary content and applications.”
Thomson Financial intends to invest appropriately to further develop a competitive, differentiated news service in Europe. The company will also leverage synergies across AFX and Thomson Financial’s existing news offerings to create a tailored, European real-time financial news service. The enriched news service will provide coverage of multiple asset classes and combine real-time financial news with sector-specific commentary, insight and analysis. This news service will be further differentiated through integration with Thomson Financial’s wealth of proprietary content and delivered through the Thomson ONE application suite and to existing AFX clients. Thomson ONE includes market-leading solutions, such as Thomson Datastream historical times series content, Thomson First Call earning estimates and Thomson SDC deals and private equity content.
Pierre Louette, Chairman and CEO, Agence France-Presse, said: “We are extremely pleased that Thomson Financial will acquire AFX. As a leading financial information services provider, Thomson Financial is in a unique position to help build and further develop AFX. This deal cements our long-term relationship with Thomson Financial and will enable clients of both our companies to receive a superior service.”
Thomson Financial will continue to maintain a close long-term relationship with Agence France-Presse and its other news partners worldwide and will continue to grow AFX’s customer and third party relationships.