M&A
TheStreet., a financial news and information company, announced that it has entered into a definitive purchase agreement to sell its institutional business units, The Deal and BoardEx, for $87.3 million to Euromoney Institutional Investor, the global business information and events group. The decision to sell the institutional business is part of the Board's ongoing review of strategic alternatives to enhance shareholder value. 12/6/2018
Verisk, a data analytics provider, has signed a definitive agreement to acquire Rulebook, an provider of business intelligence and software solutions for the London Insurance Market. Rulebook’s proprietary, uniquely distinctive pricing engine can be used for internal pricing and underwriting as well as external distribution for the specialty insurance market through its Rulebook Hub platform. 12/3/2018
New Mountain Capital and Vestar Capital Partners announced they have closed the transaction through which Vestar will lead a new investment in Information Resources, Inc. Under the terms of the agreement, initially announced on November 15, 2018, New Mountain and Vestar will jointly govern IRI. Jeffrey Ansell, a Vestar Senior Advisor and IRI Board member since 2011, will serve as Chairman of IRI. 12/3/2018
Nexstar Media Group and Tribune Media Company announced that they have entered into a definitive merger agreement whereby Nexstar will acquire all outstanding shares of Tribune Media for $46.50 per share in a cash transaction that is valued at $6.4 billion including the assumption of Tribune Media’s outstanding debt. The transaction has been approved by the boards of directors of both companies and is expected to close late in the third quarter of 2019.12/3/2018
Product
Nasdaq announced it launched a Corporate Bond exchange for listing and trading of corporate bonds. The Securities and Exchange Commission approved this exchange on November 13, 2018. This new exchange will run on the Nasdaq Stock Market license and will be powered by the Nasdaq Financial Framework, Nasdaq’s next generation market infrastructure technology platform. 12/6/2018
Dow Jones Risk & Compliance has launched ExImCheck (‘Export-Import Check’), a new solution that enables efficient, auditable checks for trade compliance risk. ExImCheck is a web-based tool that allows financial services firms and international trading companies to search for dual-use goods, counterparties, locations or vessels through a simple user interface. 12/4/2018
Partnerships
Moody’s Analytics and Oliver Wyman have announced a new collaboration in Canada, the United States, and Germany as part of the Moody’s Analytics PartnerAlliance Program. Through this partnership, Moody’s Analytics and the actuarial practice of Oliver Wyman will work together to offer insurers expertise and solutions to help them efficiently address International Financial Reporting Standard (IFRS) 17, the new standard governing insurance contracts. 12/4/2018
Layoffs
Thomson Reuters is eliminating 12% of its global workforce. The news and information company is drastically shrinking its staff, cutting 3,200 jobs and closing 55 offices by 2020. Reuters says it will employ roughly 23,800 people -- down from its current workforce of 27,000. 12/4/2018
- Kevan Huston
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