from private equity firm Thoma Bravo for US$10.5-billion in a cash-and-stock deal as the exchange operator tries to reposition itself as a fintech company.
The deal, comprising $5.75-billion in cash and 85.6 million shares of Nasdaq common stock, is expected to help growth at the stock exchange operator, which is trying to diversify under CEO Adena Friedman. Nasdaq said it intends to issue about 14.5% of its outstanding shares to the owners of Adenza, which is controlled by Thoma Bravo.
Adenza, which makes software used by banks and brokerages, is expected to hit about $590-million in annual 2023 revenue, Nasdaq said.The exchange operator also said it has received fully committed bridge financing for the cash part of the transaction, and plans to issue about $5.9-billion of debt between the signing and the closing of the deal, expected within six to nine months.