12/22/2011 10:21 EST | Updated 02/21/2012 05:12 EST

Thomson Reuters suspends search for buyer for its health-care data business

NEW YORK, N.Y. - Thomson Reuters (TSX:TRI) said Thursday its health-care data business is no longer up for sale because global economic conditions make it tough to get the right price for the division.

"Since announcing the planned divestiture in June, global economic conditions have become more challenging and the company believes they are not conducive to concluding a transaction that reflects the fair value of the health-care business at this time," Thomson Reuters said in a news release.

The financial data provider said it will continue to invest in the division until better market conditions allow a sale at "attractive terms."

The health-care business provides data, analytics and performance benchmarking software and services to companies, government agencies and the health-care sector.

The business includes products such as MarketScan, Advantage Suite, Micromedex, CareDiscovery and ActionOI, which help customers find savings, improve performance and fight fraud and abuse in their health-care operations.

Last week, Thomson Reuters Corp. announced it's cutting 22 jobs as it restructures its global online news operation in Toronto.

The Canadian Media Guild, which represents Reuters employees in Toronto and across the country, has said 17 permanent and five temporary workers were being cut.

The workers posted news stories and pictures to the Reuters website. After the cuts, the Toronto online operation will have five employees.

Thomson Reuters is controlled by the Toronto-based Thomson family.