Thomson Sews Up Reuters

Thomson (TOC Quote) and Reuters (RTRSF Quote) formally agreed to a $17.24 billion deal forming a new financial news and data powerhouse.

Thomson said the new Thomson-Reuters will be based in the U.K. and controlled largely by Thomson's Woodbridge family holding company. Reuters shareholders will get 691 pence per share in cash and stock.

Reuters chief Tom Glocer will lead the combined company.

"I am looking forward to the opportunity of being the first CEO of Thomson-Reuters," he said. "The combination of these two great businesses will create an exceptional global information company guided by the Reuter Trust Principles. It will provide a broader offering to our customers, deliver value to our shareholders and create great opportunities for our people."