|
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
Chief Executive Officer 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.
Nasdaq shares were down 1.4% in premarket trading on the news.
(Reporting by Manya Saini in Bengaluru; Editing by Nivedita
Bhattacharjee)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
