Moneyline to close Bridge India deal by October

Nivedita Mookerji in New Delhi

Even as Reuters is likely to close the deal with Bridge Information Systems for acquisition of its US-based equity operations by the end of this month, Moneyline is expected to complete the buy-out of the Bridge business outside the US, including in India, sometime in October. Financial services company Moneyline has also signed a contract to acquire the entire Telerate (bond data system) business worldwide. Around two years ago, Bridge had bought the Telerate business from Dow Jones.

Talking about the impact of the Bridge sale on its Indian operations, officials say that editing desks in Delhi and Mumbai have been the worst hit. In fact, the editing desks have ceased to exist altogether in the new scheme of things and around 40 to 50 editors in BridgeNews India had to be laid off, a company official said.
According to this official, there has not been any job cut on the reporting side which comprises 15 journalists, who would continue to report on Indian markets.

In the US, out of a total of 1,500 employees in various Bridge units, 200 jobs may have to be slashed, after the takeover. Reuters is likely to retain 88 per cent of the Bridge staff in the US.

Indian Quotations Systems (IQS), the distributor of BridgeNews products in India, will continue to be the local associate for Bridge’s new owners. IQS offices are present in seven cities—Delhi, Mumbai, Calcutta, Chennai, Bangalore, Ahmedabad and Hyderabad. Its clients in the country include banks, financial institutions, companies,
government agencies and commodity houses. According to IQS director Ajay Puri, none of these India offices is being shut down.

On the impact of sale of Bridge assets on clients, officials say that customers were concerned initially. ‘‘But it is settled now,’’ they add. After the deal is closed, Moneyline wants to get into the business of transaction products and also exploit opportunities on the Net.