Thomson Reuters Corp’s Financial and Risk unit to be renamed Refinitiv after acquisition

David Craig, the current head of Thomson Reuters Corp’s Financial and Risk unit will become the CEO after the completion of the deal, which is expected to close by 2018.

According to a statement by U.S. private equity firm Blackstone Group, which acquired Thomson Reuters Corp’s Financial and Risk unit in a deal worth $20 billion, it will rename the Financial and Risk unit to Refinitiv after the closure of the deal.

The deal marks Blackstone making its biggest bet since the financial crisis of 2007-2009. It also pits co-founder Stephen Schwarzman with fellow billionaire and former New York Mayor Michael Bloomberg.

The deal is expected to close in 2018, said Blackstone.

The Financial and Risk unit provides information and related services to financial services professionals. The units current head, David Craig, will become Refinitiv’s CEO, said Thomson Reuters in a statement.

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