Nasdaq (NASDAQ:NDAQ) confirmed it has entered into an agreement to acquire Adenza from the private equity giant Thoma Bravo.
The deal, first rumored by the Wall Street Journal early Monday, will have NDAQ pay $5.75B cash and 85.6 million common shares, or approximately $10.5B total, for the provider of risk management and regulatory software to the financial services industry, and will help accelerate "Nasdaq’s strategic vision to become the trusted fabric of the world’s financial system."
The stock part of the consideration represents approximately 14.9% of Nasdaq's total outstanding shares, and will make Thoma Bravo a strategic shareholder of the company.
"This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq’s position at the heart of the global financial system,” said Nasdaq's CEO and Chair Adena Friedman, adding, "with Adenza we can offer an even broader range of mission-critical solutions that enhance the liquidity, transparency, and integrity of the world’s financial system."
Holden Spaht, a Managing Partner at Thoma Bravo commented, "We are excited to become a strategic shareholder in Nasdaq and bring our deep software and technology experience to help drive further innovation and digital transformation across the global financial system."
Spaht is also expected to join Nasdaq’s expanded Board of Directors upon the closure of the deal, currently projected to happen within 6-9 months, and still subject to regulatory approvals and other customary closing conditions.
Shares of NDAQ are trading nearly 1% lower following the announcement.