Reuters, the global information, news and technology group, has completed its acquisition of certain assets of Bridge Information Systems Inc., first announced on April 30.

The Bridge assets include content and trading applications for U.S. institutional securities businesses.

The total purchase consideration was US$373 million, which comprised US$275 million in cash, US$30 million paid to Bridge for interim funding prior to the close, and US$38 million of debt financing for Savvis Communications Corp., Bridge’s network provider. Additionally, Reuters is paying some US$30 million cash for deal costs and the settlement of certain existing Bridge liabilities.

Reuters says the acquisition of Bridge’s capabilities in fixed income enhances its own products in this area by providing comprehensive U.S. data and analytics. An integration team consisting of staff from both organisations is committed to ensuring continuity of service and support for customers of the Bridge businesses. Integration costs are now expected to be around US$80 million, higher than the original estimate of US$65 million, due mainly to increases in employee-related and consultancy support costs. Reuters estimates that the acquisition will be dilutive to pre-goodwill earnings in 2002, have a neutral impact in 2003 and be earnings enhancing in 2004.

As part of the Bridge acquisition, Reuters has reached a preliminary agreement to provide MoneyLine, the approved bidder for the Telerate business and certain international Bridge assets, with transitional services for up to four years, from which Reuters expects to receive revenue.