“Borse Dubai plans to sell .6b worth of Nasdaq shares held”

Nasdaq Shares to Be Sold by Borse Dubai to Thoma Bravo

In a recent announcement on Tuesday, Nasdaq revealed that Borse Dubai is set to sell shares worth US.6 billion (RM7.6 billion) in the US stock exchange operator. This move will see Borse Dubai relinquish its position as Nasdaq’s top shareholder to private equity firm Thoma Bravo.

Following the news, Nasdaq’s shares experienced a dip of nearly 4% in pre-market trading on Wednesday. Borse Dubai is planning to offload approximately 27 million Nasdaq shares at a price of US each, representing a discount of over 5% from the stock’s previous closing price.

As a result of the transaction, Borse Dubai’s stake in Nasdaq will decrease from 15.5% to 10.8%, making it the exchange’s second-largest shareholder. Thoma Bravo, with a 12.5% stake, is poised to become Nasdaq’s largest shareholder following the sale.

Additionally, Borse Dubai has indicated its intention to adhere to an 18-month lock-up period for its remaining shares post the completion of the current sale. Moreover, as long as it retains at least a 10% stake in Nasdaq, Borse Dubai will have the authority to nominate a candidate to the company’s board of directors.

This development marks a significant shift in Nasdaq’s ownership structure and highlights the changing dynamics within the stock exchange operator.