In a significant move, Borse Dubai Ltd. has announced intentions to divest a portion of its stake in Nasdaq Inc. through a secondary share offering, aiming to raise approximately $1.6 billion.
The plan entails selling 26.96 million shares of Nasdaq’s common stock at $59 per share, which would reduce Borse Dubai’s stake to around 10.8%. Additionally, underwriters will have a 30-day option to purchase up to 4,043,478 additional shares of Nasdaq’s common stock.
Borse Dubai has committed to an 18-month lock-up of its remaining shares in Nasdaq, ensuring stability and confidence in its investment. This commitment also grants Borse Dubai the opportunity to designate a nominee to Nasdaq’s board, provided it maintains a minimum 10% ownership stake in Nasdaq’s outstanding stock.
Post-transaction, Borse Dubai will retain its position as Nasdaq’s second-largest shareholder, with US private equity firm Thoma Bravo poised to become the largest shareholder, holding a 12.5% stake.
Essa Kazim, Chairman and CEO of Borse Dubai, emphasized the strategic nature of the offering, aimed at enhancing the capital structure and liquidity within the Borse Dubai Group. Kazim highlighted the longstanding partnership between Borse Dubai and Nasdaq, spanning over 16 years.
Borse Dubai’s ownership structure comprises 60% ownership by the Investment Corporation of Dubai, with Dubai Group LLC and DIFC Investments LLC holding 20% stakes each.
Morgan Stanley and Goldman Sachs & Co. LLC have been appointed as joint lead book-running managers for the offering, with J.P. Morgan serving as a capital markets advisor to Nasdaq.
As Borse Dubai executes this strategic move, stakeholders await the implications of this significant stake sale on the global financial landscape.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
20th March, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
