Thomson raising cash for Reuters bid

Thomson Corp. is selling its education assets for a higher-than-expected $7.75 billion in cash, giving the electronic publisher a big cash infusion to pursue its bid for Reuters Group.

Apax Partners, a London-based private equity group, and Canada’s Omers Capital Partners will buy the business, the companies said Friday. The price was well above the $5 billion to $6 billion expected by analysts.

Apax and Omers are buying the higher-education, careers and library-reference divisions of Thomson Learning as well as Nelson Canada, a book publisher and provider of online resources.

Cash from the sale will be crucial as Thomson seeks to buy London-based Reuters, which provides financial data and news, in a deal that would be worth about $17.6 billion.

Stamford, Conn.-based Thomson confirmed this week that it was in talks with Reuters. Canada’s Thomson family, which owns 70% of Thomson, would own 53% of the combined entity, which would be called Thomson-Reuters.

Thomson, whose publishing interests span law, tax and scientific research, has been beefing up its financial data business as it looks to tap into booming global markets.