Reuters in £91m deal for Telerate

NEWS group Reuters is paying £91m for loss-making data provider Moneyline Telerate to beef up its foreign exchange and fixed-income arms.

It will stump up another £49m to integrate the business with its own and buy out Telerate's Japanese distributor.

Part of the transaction will be satisfied by Reuters handing over its 14% stake in Savvis, a telecoms network provider. Telerate will be reunited with Bridge, the news provider bought by Reuters two years ago. It is being sold by investment bank JP Morgan's private equity arm.

Reuters has been selling more than buying of late. Chief executive Tom Glocer is tidying up the group's assets. Next to go is its telecoms joint venture Radianz.