“The results we are about to discuss are the best we have reported in some time,” CEO Jim Smith said during a recent earnings Webcast. The deal’s closing is expected in the second half, but no date has been set. Regulatory approvals has not been received in all companies in which the business operates.

Without F&R, Thomson reported $1.38 billion in continuing operations for the most recently completed quarter. That is up from $1.33 billion a year earlier. The discontinued F&R revenue for the period was $1.58 billion, a .7-percent rise from $1.49 billion in last year’s corresponding period.

Thomson’s continuing operations lost $311 million in the recently ended quarter, compared to net income of $314 million the prior year.

The Tax & Accounting business reported revenue of $437 million in first-quarter revenue, a 5-percent increase from $417 million a year earlier. EBITDA for the unit was $147 million in the first quarter, a 4-percent increase from $141 million a year earlier

Besides Tax & Accounting, the Legal & Regulatory business and Reuters News will remain with Thomson. Smith said the division of the business will result in two companies with about 47,000 employees each.

Thomson expects to receive about $17 billion in gross proceeds for the majority share of F&R. Smith said the company expects to return $9 billion to $10 billion to shareholders through a tender offer and will use $3 billion to $4 billion to pay down debt. A investment fund of $1 billion to $3 billion will be established for possible acquisition. Another $1.5 billion to $2.5 billion will go for taxes and fees.