Reuters, the global news and information group, continues its £440m (€660m) cost-cutting programme, with the sale of its Paris-based credit evaluation subsidiary in a deal worth €71m.

ORT SAS, which provides credit evaluations for firms in France and Belgium, has been sold by Reuters to Coface, the credit insurance business of French investment bank Natexis Banques Populaires. Reuters received an initial cash payment of €46m and it may also get another €1m through a post-completion net equity adjustment. As part of the deal, which was completed on Wednesday, Reuters took €25m from ORT before the sale.