Nasdaq will acquire Adenza, a financial enterprise software company. Private equity firm Thoma Bravo will pay $10.5 billion for it, partly in cash and partly in shares. Nasdaq said in a statement today. If the agreed deal goes ahead as planned, it will be the largest acquisition in Nasdaq’s history, The Wall Street Journal (WSJ) reported.
Nasdaq expected growth
The deal is expected to help accelerate the growth of Nasdaq, which has been trying to diversify its business under the leadership of CEO Adena Friedman, Reuters reported. Friedman, according to the WSJ, is seeking to transform the company from a securities trader whose income fluctuates with trading volumes into a technology-oriented firm with more stable revenue.
Transfer of shares
Nasdaq said it will transfer about 14.5 percent of its outstanding shares to the owners of Adenza, which is controlled by Thoma Bravo. Adenza, which makes software used by banks and brokers, is expected to reach annual sales of about $590 million this year.
Nasdaq shares were losing nearly two percent before the start of trading in New York. The stock market as a whole was slightly stronger.
Source: ÄŒTK
