On Tuesday, the U.S. stock exchange operator Nasdaq opened a new tab and said that Borse Dubai will sell shares valued at $1.6 billion, decreasing its stake from 15.5% to 10.8% and making it the second-largest shareholder in the business.
Presently holding the largest stake in Nasdaq, Borse Dubai plans to sell about 27 million Nasdaq shares at a price of $59 apiece, which represents a reduction of over 5% to Tuesday’s closing price of the stock.
The Nasdaq stock ended the regular session at $62.46, up 3.6%. After the news of the intended share sale was released on Tuesday, they dropped more than 2% during prolonged trading.
“Subject to completion of the offering, Borse Dubai intends to agree to an 18-month lock-up of its remaining shares controlled by Nasdaq, with a right to designate a nominee to the Nasdaq board of directors so long as it continues to own at least 10% of Nasdaq’s outstanding shares as of the date hereof,” the company said in a statement.
Thoma Bravo, a private equity group based in the United States, will assume the lead as Nasdaq’s largest shareholder, with around 71.6 million shares, or 12.5% of the U.S. exchange.