Acquisitions (Tables)

6 Months Ended

Jun. 30, 2026

Acquisition activity

Acquisition consideration is as follows:


	Three months ended June 30,		Six months ended June 30,
(millions of U.S. dollars)	2026	2025	2026	2025
Businesses acquired, net of cash	10	-	208	585
Investments in businesses	14	18	26	28
Asset acquisitions	-	-	2	-
Deferred and contingent consideration payments	12	6	12	17
Total	36	24	248	630

Summary of Brief Description of the Most Significant Acquisition

The following provides a brief description of the most significant acquisitions completed in the six months ended June 30, 2026 and 2025:


Date	Company	Acquiring Segments	Description
February 2026	Noetica, Inc.	Legal Professionals	A New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals.
January 2025	cPaperless, LLC ("SafeSend")	Tax, Audit & Accounting Professionals	A U.S. based cloud-native provider of technology for tax and accounting professionals. SafeSend automates the “last-mile” of the tax return, including assembly, review, taxpayer e-signature, and delivery.

Summary of Net Assets Acquired

The details of net assets acquired, including purchase price adjustments are as follows:


	Six months ended June 30,		Six months ended June 30,
(millions of U.S. dollars)	2026			2025
		Total		SafeSend
Cash and cash equivalents		24		14
Trade receivables		7		12
Other financial assets		2		-
Prepaid expenses and other current assets		-		2
Current assets		33		28
Property and equipment		1		1
Software		137		225
Other identifiable intangible assets		5		38
Equity method investments		8		-
Other non-current assets		3		1
Total assets		187		293
Payables and accruals		(5)		(4)
Current tax liabilities		(15)		-
Deferred revenue(1)		(1)		(16)
Current liabilities		(21)		(20)
Other financial liabilities		(30)		(1)
Deferred tax		(28)		(49)
Total liabilities		(79)		(70)
Net assets acquired		108		223
Goodwill		207		376
Less: Fair value of previously held investment		(83)		-
Total		232		599
Businesses acquired, net of cash		208		585

(1)

Represents the fair value of deferred revenue, which is computed as the cost of providing services to customers in the post-acquisition period plus a reasonable profit margin. Under IFRS, the acquired deferred revenue is typically lower than the amount the seller recognized.