text: Bloomberg chairman Grauer leaves Blackstone board after Reuters deal
  Reuters's data division is a 'direct competitor' to Bloomberg, Blackstone said
  2 February 2018 • 11:21pm
  The chairman of Bloomberg, Peter Grauer, has stepped down from Blackstone's board after the private equity giant earlier this week agreed to take control of Thomas Reuters's data unit.
  Mr Grauer informed Blackstone of his decision to give up his seat on the board on Tuesday, meaning the firm's board size has been reduced to ten seats.
  In a filing, Blackstone said that, while there was "no legal requirement that Mr Grauer resign, he felt this was the appropriate step given the appearance and potential of a conflict".
  Blackstone said Reuters's Financial & Risk division was a "direct competitor" to Bloomberg.
  Blackstone earlier this week began its assault on Bloomberg's position as the dominant player in financial data, agreeing to take a 55pc stake in Reuters's data unit for $17bn, and tabling plans to make the division separate under its direction.
  Blackstone's experience in financial technology, having bought software specialist Ipreo Holdings in 2014, could prove a boon to Reuters, which has consistently lagged behind rival Bloomberg in the financial data business.
  Stake Blackstone Reuters
  According to figures from Burton-Taylor International Consulting, in 2016 Bloomberg accounted for 33pc of financial market spending on data, analysis and news compared to Thomson Reuters's 23pc.
  Blackstone's stake purchase was approved by Thomson Reuters board, although it still requires regulatory approvals.
  It is likely to create a wider gap between Reuters's data and news operations, but, under the terms of the deal, Blackstone has signed a thirty year agreement to pay a minimum of $325m per year to the news business.