Thoma Bravo to offload significant Nasdaq stake in $2.8 billion secondary public offering
Nasdaq
The private equity firm Thoma Bravo will sell 41.6 million shares in the transatlantic exchange operator through a secondary public offering, Nasdaq announced Friday. The news sent Nasdaq shares down 2.8 per cent after hours.
The bottom line is that, in the past year, Nasdaq acquired fintech firm Adenza from Thoma Bravo in a cash-and-stock deal worth $10.5 billion, thereby providing a huge stake in the exchange operator to the private equity firm. At the current closing price of Nasdaq, the offering will raise $2.79 billion for Thoma Bravo and cut its stake to 7.4 per cent, or 42.8 million shares.
Currently, Thoma Bravo owns nearly 14.9 per cent of Nasdaq, LSEG data show. Following the sale, it will be the fifth-largest shareholder in the exchange. The remaining shares that Thoma Bravo still holds in the company will be subject to an existing contractual lock-up until May 1, 2025.
In a note last month, Morgan Stanley analyst Michael Cyprys said, Thoma Bravo-held Nasdaq shares coming to the market could be a positive catalyst to relieve an overhang on the shares.
Apart from that, Nasdaq has signed a share repurchase agreement with Thoma Bravo to buy back 1.2 million shares of its shares, based on the condition that the total repurchased shall not be over $120 million. This buyback will be funded by the exchange itself through existing cash on hand and borrowings under its commercial paper program.
Earlier this year, Borse Dubai reduced its stake in Nasdaq, relinquishing its position as the exchange's biggest shareholder to Thoma Bravo. Following this offering, Borse Dubai will reestablish itself as Nasdaq's largest shareholder.
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Goldman Sachs is the sole book-running manager for the offering.
The planned sale of stakes by Thoma Bravo is characteristic of the strategic turn in Nasdaq's shareholder structure, impregnated by more general market dynamics and investor sentiment. This will likely affect Nasdaq's future financial strategies and positioning in the marketplace.