Thomson Reuters has an $8bn war chest to spend on acquisitions and investments in artificial intelligence, according to chief executive Steve Hasker, as it bets that the technology will transform rather than undermine its business of supplying information to lawyers, accountants and other professionals.
Talking to the Financial Times before this week’s investor day, its first for three years, Hasker said the group had “tremendous financial firepower” to expand across AI-driven professional services and information as it plans to sell the rest of its holding in the London Stock Exchange Group.
“We have dry powder of around $8bn as a result of the cash-generative ability of our existing business, a very lightly levered balance sheet and the sell down of [our stake in] LSEG,” he said.