Thomson Reuters Signs Definitive Agreement to Acquire Full Ownership of the Westlaw Japan Business
Shin Nippon to remain strategic partner for Westlaw Japan
TOKYO, AUGUST 8, 2023 – Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, announced today that Thomson Reuters K.K. (“Thomson Reuters Japan”) has signed a definitive agreement to acquire full ownership of the Westlaw Japan business (the “Proposed Transaction”) that currently operates through Westlaw Japan K.K., a joint venture between Thomson Reuters and Shinnippon-Hoki Publishing Co., Ltd.’s (“Shin Nippon”).
Westlaw Japan K.K. was formed in 2006 by combining Thomson Reuters’ state-of-the-art technology with Shin Nippon’s legislation and case content. The organization, operating as Westlaw Japan, is a leading provider of legal information services in Japan through its namesake solution, the largest case database in Japan which covers more than 310,000 cases.
Closing of the Proposed Transaction is subject to regulatory approval and customary closing conditions and is expected to occur in the fourth quarter of 2023. Following the closing of the Proposed Transaction, Shin Nippon will no longer retain ownership of the Westlaw Japan business and the Westlaw Japan business will become part of Thomson Reuters Japan, led by Young Sun Bang, President and Representative Director.
Following the closing of the Proposed Transaction, Shin Nippon will remain an important key partner after Thomson Reuters assumes full ownership of the Westlaw Japan business. Shin Nippon will continue its business partnership with Thomson Reuters and will be a strategic partner providing content to and selling Westlaw Japan.
“Westlaw Japan owes its success to the unwavering commitment and partnership from Shin Nippon. We look forward to ushering in a new era of continued support for Japan’s legal professionals,” said Young Sun Bang, President and Representative Director of Thomson Reuters Japan. “Westlaw Japan’s integration into Thomson Reuters Japan supports our strategy to provide Japanese legal professionals with cutting-edge content technology at scale and pace.”
“We look forward to continued partnership with Thomson Reuters Japan to provide Westlaw Japan users access to the country’s largest case database,” stated Kenichiro Hoshi, Representative director of Shin Nippon. “We are excited for Thomson Reuters Japan’s plans for Westlaw Japan, which will extend its reputation as an indispensable resource for the legal community.”
Thomson Reuters’ presence in Japan dates to 1872, when the Reuters News Agency established its first office in the region, later followed by the founding of Thomson Corporate Japan Limited in 1989. Today, Thomson Reuters Japan offers its customers market-leading legal, tax and accounting, compliance and risk, and global trade information technology solutions.
Thomson Reuters (NYSE / TSX: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is the world’s leading provider of trusted journalism and news. For more information, visit tr.com.
SHINNIPPON-HOKI PUBLISHING CO., LTD.
Shinnippon-Hoki Publishing Co., Ltd. is one of the leading Japanese publishers in the legal, tax and financial areas. Shinnippon-Hoki Publishing Co., Ltd. provides legal information through its publications, including more than 560 loose-leaf law books, CD-ROMs, and the Internet.
WESTLAW JAPAN K.K.
Westlaw Japan K.K. is a joint venture equally owned by Thomson Reuters and Shinnippon-Hoki Publishing Co., Ltd. Westlaw Japan K.K. provides comprehensive Japanese legal online services while combining the unique database technologies of Thomson Reuters and legislation and case content of Shinnippon-Hoki Publishing Co., Ltd.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release are forward-looking, including but not limited to the company’s expectations about the expected closing date for the Proposed Transaction. The words “will”, “expect”, “believe” and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond our company’s control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
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