Thomson Reuters strikes deal to sell FindLaw business

Eagan-based FindLaw.com will be sold to the owner of WebMD and other legal and health digital businesses.

Toronto-based Thomson Reuters, FindLaw’s current owner, did not release terms of the deal. It is not clear yet what it means for FindLaw employees in Eagan.

“As part of this deal, Internet Brands will offer FindLaw employees comparable roles or to transfer to the new entity in accordance with the applicable country law, policy and/or practice. Employees will remain employed by Thomson Reuters until the deal closes,” said a Thomson Reuters spokesperson in a statement.

The deal is expected to close by the end of the year.

In the past two earnings calls, Thomson Reuters officials talked about how the company is becoming more aggressive as far as its mergers and acquisitions policy.

FindLaw also has not been performing as well as the rest Thomson Reuters’ legal portfolio.

“The business that continues to provide some headwinds is the FindLaw business, which I’ve now mentioned, I think, for three, four quarters consecutively. The growth rate for FindLaw is slower than the other portions of the business, which creates some suppression,” said Chief Financial Officer Mike Eastwood in the quarterly earnings call in August.

Overall legal revenue was up 3% in the second quarter and Eastwood said he expects a “modest step-up” in the remainder of the year.