Borse Dubai to promote $1.6 bln stake in Nasdaq, shedding its spot as high shareholder – Enterprise – Inventory Market

Borse Dubai Ltd., the biggest single shareholder in Nasdaq Inc., plans to promote part of its stake in a secondary share providing, elevating near $1.6 billion.

Borse Dubai is promoting 26.96 million shares of the US change operator’s frequent inventory at $59 per share, decreasing its stake to round 10.8%, in response to two statements on the change’s web site.

The change will grant the underwriters a 30-day choice to buy as much as 4,043,478 further shares of Nasdaq’s frequent inventory.

The providing is predicted to shut on March 22.

Borse Dubai intends to conform to an 18-month lock-up of its remaining shares managed by Nasdaq, and supplied it continues to personal at the least 10% of Nasdaq’s excellent inventory, the bourse can designate a nominee to Nasdaq’s board.

After completion of the sale, Borse Dubai will likely be Nasdaq’s second-largest shareholder. In line with Reuters, US personal fairness agency Thoma Bravo will turn out to be the biggest shareholder, with a 12.5% stake.

Essa Kazim, Chairman and CEO, Borse Dubai stated the providing is being carried out to reinforce the capital construction and liquidity throughout the Borse Dubai Group.  

“We now have not solely been a shareholder in Nasdaq for the previous 16 years, however Nasdaq can be a key expertise and model companion for our change group and we consider within the strategic imaginative and prescient for the corporate.”

Borse Dubai is 60% owned by the Funding Company of Dubai, 20% by Dubai Group LLC (a member of the Dubai Holding Group) and 20% by DIFC Investments LLC.

Morgan Stanley and Goldman Sachs & Co. LLC are appearing as joint lead book-running managers for the providing. J.P. Morgan is appearing as capital markets advisor to Nasdaq.

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