TMT private equity fund acquires Thomson Reuters business
GMT Communications Partners, the European TMT focused private equity group is acquiring the legal, tax and accounting businesses of Thomson Reuters in Denmark and Sweden.
Closing is expected to occur later this week, although financial terms were not disclosed.
The Scandinavian legal and tax & accounting business provides legislation, case law and regulatory information.
The business employs approximately 140 people across offices in Copenhagen, Stockholm and Aarhus. Key brands are KARNOV, PACTA and UfR.
The business claims a market-leading position in Danish legal, tax and accounting professional information. It is the largest provider of online legal professional information in Sweden. Customers include law firms, corporates, government lawyers and law students, as well as accounting firms and corporate accountants.
The business operates a subscription-based business model with high levels of recurring revenues. Following the closing, GMT plans to support a growth strategy based on both organic and acquisitive expansion in the Nordic region.
GMT believes that the online-based business model, which is growing strongly and currently accounts for 60% of total revenues, also provides high operational leverage and scalability. Key executives, including Managing Director Neil Story, will remain with the business.
The deal is GMTʼs 29th investment in Europe since its foundation in 1993.