The Globe and Mail reports in its Wednesday edition that Thomson Reuters on Tuesday launched a $9-billion (U.S.) share buyback, sending its shares higher, and said it would complete the sale of a majority stake in its Financial & Risk unit to Blackstone Group LP on Oct. 1 (all figures U.S.). A Reuters dispatch to The Globe says that the tender offer, which expires Oct. 2, has been priced at $42 to $47 a share, an 11.5-per-cent premium to the stock's average price over the past 20 trading days. The news and information provider had previously said it expected to complete the deal, which values the business at about $20-billion, in the fourth quarter of 2018. The company reiterated its guidance that it will receive about $17-billion in gross proceeds when the deal closes, out of which it plans to return $10-billion to shareholders. As part of that process, the company said up to $9-billion will be returned to shareholders through a tender offer for shares. From the remainder of the proceeds, the company said it will redeem $4-billion of debt, keep $2-billion of cash on its balance sheet and use $1-billion to cover expenses related to the transaction. Thomson Reuters closed Tuesday at $44.66, up $1.40 in New York.