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(Bloomberg) – Nasdaq’s largest shareholder, Bose Dubai, will sell about a third of its stake in the exchange operator, or 27 million shares, at $59 a share to raise up to $1.6 billion. Become.
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Bors Dubai will continue to own more than 10% of Nasdaq shares and agree to an 18-month share lock-up, according to a statement on Tuesday. Underwriters will also have a 30-day option to purchase up to 4 million additional Nasdaq shares. The offering is scheduled to close on March 22, Nasdaq said in a separate pricing statement.
Provided that Bors Dubai continues to hold at least 10% of Nasdaq’s outstanding shares, it will be able to nominate candidates to the Nasdaq Board of Directors. With this offering, the company will become the second largest shareholder of Bors Dubai Nasdaq.
CEO Essa Kazim said: “Today’s initial public offering is being undertaken to strengthen the capital structure and liquidity within Bors Dubai Group.” “We remain long-term shareholders of Nasdaq and are invested in the company’s success.”
Nasdaq stock fell 3% to $60.60 in extended trading at 5:17 p.m. New York time. The stock had risen 7.4% from the beginning of the year to the end of regular trading.
Bors Dubai acquired a stake in Nasdaq as part of the 2008 deal in which Nasdaq acquired Sweden’s OMX AB. Bors Dubai was the largest shareholder in London Stock Exchange Group until it sold its shares in 2015. In 2017, Bors Dubai and Nasdaq signed an agreement to strengthen the Dubai Stock Exchange’s technology infrastructure and improve trading practices.
–With assistance from Will Davis.
(Updates offering price in first paragraph.)
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