The shareholders of both Thomson Corp and Reuters Group have agreed on proposed acquisition of Reuters.  The deal is valued at $17 billion and is expected to close by April 17th.

The takeover of Reuters by the Canada based Thomson will create the biggest financial information and data  company which will have 34% share of the total market leaving Bloomberg behind which has a 33% market share.

Tom Glocer, the current Reuters CEO, will be the CEO for the new Thomson Reuters while the president and CEO for Thomson Corp, Richard Harrington, will retire post acquisition.

The deal is still subject to clearance from U.K. as well as Canadian courts for which Reuters will sell a copy of its databases of earnings estimates, company and economic data and broker research reports and Thomson will sell a copy of its company financial database business.

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