Borse Dubai is undertaking a significant financial move by selling off a substantial portion of its stake in Nasdaq Inc. (NASDAQ:NDAQ), signaling a strategic shift in its investment approach.
In a statement released after Tuesday's closing bell, Nasdaq Inc. (NASDAQ:NDAQ) disclosed that Borse Dubai, its primary shareholder, is reducing its holdings by approximately one-third.
The sale involves around 26.96 million shares priced at $59 each, with the aim of raising up to $1.6 billion.
This transaction will decrease Borse Dubai's ownership but ensure it retains over 10% of Nasdaq's stock.
Additionally, Borse Dubai has committed to an 18-month lockup period for its remaining shares, indicating a long-term commitment to the company despite the sell-off.
Moreover, underwriters have been granted an option to purchase up to 4 million additional 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.
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