Nasdaq announced on Friday that private equity firm Thoma Bravo will sell 41.6 million shares through a secondary public offering. This news caused Nasdaq shares to drop 2.8% after hours.
Last year, Nasdaq acquired fintech firm Adenza from Thoma Bravo in a $10.5 billion cash-and-stock deal, giving Thoma Bravo a significant stake. The sale will raise $2.79 billion for Thoma Bravo and reduce its stake from 14.9% to 7.4%, or 42.8 million shares.
Thoma Bravo’s remaining shares will be locked up until May 1, 2025. Analyst Michael Cyprys from Morgan Stanley suggested that this sale could relieve an overhang on Nasdaq shares.
Nasdaq also plans to repurchase 1.2 million shares from Thoma Bravo for up to $120 million, funded by cash on hand and borrowings. Borse Dubai, after trimming its stake earlier this year, will regain its position as Nasdaq’s largest shareholder after this offering.
Goldman Sachs is managing the offering.