TPG to acquire majority stake in Elite from Thomson Reuters

TPG (TPG) and Thomson Reuters (TRI) announced that they have signed a definitive agreement for TPG to acquire a majority stake in Elite from Thomson Reuters, valuing the business at approximately $500M. The Elite business provides financial and practice management solutions to the world’s leading law firms, helping customers automate and streamline critical finance and accounting workflows, the companies say. Upon closing of the transaction, TPG Capital, TPG’s U.S. and European late-stage private equity business, will become the majority shareholder of the standalone business. Thomson Reuters will retain a minority ownership stake in the business and have board representation, supporting Elite strategically going forward. Closing of the transaction is subject to specified regulatory approvals and customary closing conditions and is anticipated to occur in the second quarter of 2023. Baker McKenzie is serving as legal counsel to Thomson Reuters, and Davis Polk & Wardwell LLP is serving as legal counsel to TPG.