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The Blackstone Group has agreed to acquire a 55% stake in Thomson Reuters' Financial and Risk business, which provides data, analytics and trading solutions to financial professionals. The deal values F&R at $20 billion, with Thomson Reuters to receive around $17 billion in gross proceeds (including $3 billion in cash from Blackstone and the rest funded by debt).

Why it's a big deal: This is Blackstone's largest buyout since the financial crisis, and already has some private equity tongues wagging about a new spate of mega-deals (albeit with more modern twists like LP co-investments and sell-side equity retention).

Plus, there is the tabloid deliciousness of a New York billionaire battle between Steve Schwarzman and Michael Bloomberg.

Bottom line from Lex in The Financial Times:

"A total valuation of $20bn, including an equity contribution from Thomson Reuters, looks about what the market already ascribes to the F&R in enterprise value. This is a small premium to the $17 billion Thomson paid for Reuters more than a decade ago. Even then, the investment may be no bargain. It could start to look costly if persistent rumors that Bloomberg has been cutting prices for its own terminals turn out to be true."

Go deeper

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Colonial pipeline hack: Key takeaways from Biden's first energy crisis

Illustration: Shoshana Gordon/Axios

Restoration of the Colonial Pipeline, the huge East Coast gasoline artery, is the beginning of the end of a crisis that prompted a White House logistical and political scramble.

Catch up fast: Late Wednesday afternoon, Colonial began a restart of the 5,500-mile line that shut down nearly a week ago after a ransomware attack.

New Jan. 6 body camera footage shows Trump supporters attacking officer

New body camera footage obtained by CNN shows the moment a DC police officer was brutally attacked by Trump supporters during the Capitol Hill insurrection.

Driving the news: The release of video comes a day after Republican members of Congress sought to downplay the Jan. 6 events, with some lawmakers calling the rioters "peaceful patriots" and comparing them to tourists.

Mike Allen, author of AM
4 hours ago - Politics & Policy

Liz Cheney's plan to take on Trump

Cheney speaking to reporters after being removed as GOP conference chair yesterday. Photo: Kevin Dietsch/Getty Images

Rep. Liz Cheney (R-Wyo.) plans to make her purge the beginning of a new movement, with campaign travel, fundraising and speeches to challenge Donald Trump for ideological dominance of the GOP.

Driving the news: Sources in Cheney's camp tell me her message will be the importance of the truth, the need to move past Trump, and a push to articulate conservative policy and substance to combat Democrats.