In a significant financial maneuver, Borse Dubai is set to divest a substantial portion of its stake in Nasdaq Inc. NDAQ, signaling a strategic shift in its investment approach.
What Happened: According to a statement released after the closing bell on Tuesday by Nasdaq Inc. NDAQ, Borse Dubai, the principal shareholder of Nasdaq, is reducing its holdings by approximately one-third. The sale involves about 26.96 million shares priced at $59 each, aiming to amass up to $1.6 billion.
This transaction will decrease Borse Dubai’s ownership but ensure it retains over 10% of Nasdaq’s stock. Furthermore, Borse Dubai has agreed to an 18-month lockup period for its remaining shares, indicating a long-term commitment to the company despite the sell-off.
Additionally, the underwriters have an option to buy up to 4 million more shares of Nasdaq within 30 days, potentially increasing the total proceeds from this deal.
The sale is expected to be finalized by March 22, marking a significant shift in the relationship between Borse Dubai and Nasdaq.
Price Action: Nasdaq shares fell more than 2% in extended trading on Tuesday after the announcement.
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