Source: Reuters
Reuters (LSE:RTR, NASDAQ:RTRSY) today completed the sale of its stake in Factiva to joint venture partner Dow Jones. The sale was first announced on 18th October 2006.
Reuters realised a total of $178 million in cash from the sale, including an adjustment for Factiva's working capital and 50 per cent of the cash remaining on Factiva's balance sheet - which together came to $25 million. Reuters also retained a minority preferred stock interest valued at $7 million. Proceeds from the sale will be used to pay down debt.