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Thomson Reuters sells IR/PR unit for $390 million

Thomson Reuters added $390 million to its cash pile on Wednesday with the sale of its investor relations, public relations and multi-media solutions units.

They provide insight, analytics and communications solutions to more than 7,000 clients worldwide. The buyer, NASDAQ OMX, will integrate them into its corporate solutions to build its portfolio of products and services that do not depend on trading to generate revenue.

NASDAQ said the deal would add to its earnings within the first 12 months, excluding transaction-related costs, and would generate attractive returns on capital.

Earlier this year Thomson Reuters sold four other non-core divisions including its healthcare information business which fetched $1.25 billion. ■