The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah MoonDeal consists of $5.75 bln in cash and 85.6 mln Nasdaq stockon Monday agreed to buy Thoma Bravo-owned software firm Adenza for $10.5 billion in the exchange operator's biggest acquisition to date, speeding up its push to become a more tech-focused company.
Adenza's software is primarily used by banks and brokerages, and analysts said Nasdaq's deal to buy the company would help it diversify further beyond its roots as an operator of stock exchanges. Shares of Nasdaq fell nearly 10% at $52.39 Monday morning as investors viewed the deal as an expensive bet. Nasdaq valued Adenza at about 31 times the company's earnings before interest, taxes, depreciation and amortization this year, and is raising about $5.9 billion of debt to support the acquisition.
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