Reuters, the news and information group, is set to sell its financial services extranet Radianz to BT Group, the UK telecommunications company, for about $220m (€174m). The deal is expected to complete early next year.

The sale, which Financial News revealed last month, is subject to the negotiation of definitive agreements, due diligence and regulatory approvals. A source close to Reuters said: "The price is still up for grabs but basically it is a done deal."