The private equity firm Thoma Bravo has ceded its place as the largest shareholder of exchange operator Nasdaq. Thoma Bravo announced on Monday that it sold 41.6 million Nasdaq shares at the price of $65.30 each, raising $2.7 billion in the process.
Thoma Bravo previously amassed a 14.9% stake in Nasdaq after selling the software provider Adenza to the exchange in a cash-and-stock deal. The initial agreement contained a lock-up clause that prevented the sale of shares for a certain amount of time.
As part of Thoma Bravo’s sale, Nasdaq bought back 1.2 million of its shares under the condition that the purchasing price doesn’t exceed $120 million.
After the sale, Thoma Bravo still owns around 42.8 million Nasdaq shares, which amounts to around 7.4% stake, making it the fifth largest shareholder in the exchange. These shares are also subject to lock-up, which will expire on May 1, 2025.
UAE-based stock exchange and holding company Borse Dubai is now the largest shareholder in Nasdaq, with ownership of 10.8% of the outstanding stock.
The shares of Nasdaq took a slight hit after the announcement of Thoma Bravo’s intention to sell but recovered on Monday to trade at $67.88 per share. The stock is currently 19.31% up year-to-date,