September 21, 2009 / 6:29 AM / 10 years ago

Thomson Reuters to buy Hugin

A man walks near a Thomson Reuters logo at the Thomson Reuters building in Canary Wharf in east London May 7, 2009. REUTERS/Toby Melville

OSLO (Reuters) - Thomson Reuters (TRI.TO) (TRI.N) said on Monday it has agreed to buy from NYSE Euronext NYX.N NYX.PA the Oslo-based Hugin Group, a company which distributes news releases for companies in Europe.

Terms were not disclosed.

Thomson Reuters said in a statement the acquisition was part of a strategy of providing corporate clients with investor relations and public relations services.

“As part of the agreement, Thomson Reuters and NYSE Euronext will expand their strategic partnership towards offering value-added services to the issuer community,” Thomson Reuters said.

Tor Baekkelund, chief executive of Hugin Group, told Reuters the firm employs 105 staff, with key centres in Norway, Germany and France.

Norwegian newspaper Dagens Naeringlsliv said on Monday the acquisition price was around 40 million to 42 million euros (36 million to 38 million pounds). Baekkelund said he could not comment on the terms.

The transaction is expected to be completed in the fourth quarter, subject to regulatory approvals.

Hugin, founded in 1995, says it distributes press releases and provides investor relations services for more than 1,700 companies in Europe.

Reporting by Wojciech Moskwa; Editing by Adam Cox and Paul Hoskins

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