NDAQ - Borse Dubai To Divest $1.6B Stake In Nasdaq | Benzinga
In a significant financial maneuver, Borse Dubai is set to divest a substantial portion of its stake in Nasdaq Inc. (NASDAQ: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. (NASDAQ: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 ...