News and information provider Thomson Reuters Corp. said it has pulled the sale of its health care business, as tough economic conditions made it difficult to fetch a good enough price.
The company had announced in June that it planned to sell the unit, which supplies health care data and analysis to companies, government agencies and health professionals, and which had revenue of about $450-million (U.S.) in 2010.
“Global economic conditions have become more challenging and the company believes they are not conducive to concluding a transaction that reflects the fair value of the healthcare business at this time,” Thomson Reuters said in a statement on Thursday.
A spokesman for the company declined to say what parties had considered buying the health care business or what prices might have been discussed.
Thomson Reuters said it would continue to invest in the health care business “until improved market conditions allow the company to complete a divestiture at attractive terms.”
The company had previously said the sale of the healthcare unit was not expected to have a material impact on its 2011 outlook.
Thomson Reuters provides news and information to financial, legal, accounting and healthcare professionals.