PE Firm Thoma Bravo Sells Remaining Stake In Nasdaq, Says Report

Private equity firm Thoma Bravo has sold its remaining stake in Nasdaq Inc (NDAQ), Bloomberg reported on Thursday, citing people familiar with the matter.

The firm divested about 43 million shares or about 7.4% of the company for proceeds of about $3.4 billion, the report said. It added that the shares were sold in unregistered block trades on May 7 and May 13, stating that the firm worked with JPMorgan Chase & Co on the sale.

According to the report, Thoma Bravo sold the last of its shares to JPMorgan on Tuesday. In a block deal, a seller first sells its shares to a bank, which in turn offers them to investors at a slightly higher price.

The report, citing a different source, said that while the May 7 block was re-offered to investors at a price range of $78.20 to $78.57 per share, the May 13 block was offered at around $81 per share.

Thoma Bravo acquired a 14.9% stake in Nasdaq in 2023 after the exchange operator acquired Adenza, a software application provider, from the private equity firm.

The firm started selling its holdings in the bourse operator in July 2024.

As per Bloomberg, Bravo made a profit of about $1.4 billion by selling his shares in Nasdaq.

According to Nasdaq’s website, the exchange operator has over 1000 institutional holders, including Swedish investment company Investor Ab and Pennsylvania-based Vanguard Group.

NDAQ shares have increased by about 5% this year and over 32% over the past 12 months.

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