Blackstone Group LP (BX - Get Report) is in late-stage talks to acquire an approximately 55% stake in the Financial and Risk unit of Thomson Reuters Corp., according to reports.

Thomson Reuters (TRI - Get Report)  confirmed in a statement late on Monday that "it is in advanced discussions with Blackstone regarding a potential partnership in its F&R business." The company gave no details.

Thomson Reuters' news service, Reuters, reported the deal would value the Financial and Risk unit at approximately $20 billion, including debt. The news agency cited three unnamed sources familiar with the matter.

Under the terms of the deal, Thomson Reuters would retain a 45% take in the Financial and Risk business as part of a partnership with Blackstone, according to the report from Reuters. The report further stated that Thomson Reuters would receive more than $17 billion. That would include $4 billion in cash from Blackstone and about $13 billion financed by new debt taken on by the new Financial and Risk business partnership.

According to the report, Thomson Reuters would retain ownership of the Reuters news service.

Sources reportedly told Reuters that Thomson Reuters' board is scheduled to meet Tuesday to discuss the offer. Reuters said the Financial and Risk unit accounts for more than half of Thomson Reuters' annual revenues. The unit provides news, data and analysis to banks and investment companies.

Reuters said it could not determine who would lead the new division. In addition to the news service, Thomson Reuters would hold onto its Legal and Tax and Accounting, the report said, adding that sources said the deal was not finalized and could still fail.

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