TORONTO (Reuters) - Thomson Reuters Corp
The news and information provider, which completed the sale of a 55-percent stake in its Financial & Risk (F&R) unit to private equity firm Blackstone Group LP
Thomson Reuters said that it had set a target to reduce its capital expenditure to between 7 percent and 8 percent of revenue in 2020 from 10 percent currently.
The company also set a target to grow annual sales by 3.5 percent to 4.5 percent by 2020, excluding the impact of any acquisitions.
Thomson Reuters is looking to support organic growth through acquisitions and has set aside $2 billion (1.56 billion pounds) of the $17 billion proceeds from the Blackstone deal to make purchases.
Shares in Thomson Reuters have risen by nearly 40 percent since May, benefiting from the company buying back $10 billion worth of shares.
(Reporting by Matt Scuffham; Editing by Nick Zieminski)