Top shareholder Borse Dubai to sell Nasdaq shares worth $1.6b

NEW YORK, March 20 (Reuters): Nasdaq said on Tuesday that Borse Dubai would sell shares worth $1.6 billion in the US stock exchange operator, ceding its spot as the company's top shareholder to private equity firm Thoma Bravo.
The move sent shares of Nasdaq down nearly 4 per cent in trading before the bell on Wednesday.
Borse Dubai will sell nearly 27 million Nasdaq shares at $59 each, a discount of more than 5 per cent to the stock's last closing price.
The deal will reduce Borse Dubai's stake in Nasdaq to 10.8 per cent from 15.5 per cent and make it the company's second-largest shareholder. With a 12.5 per cent stake, Thoma Bravo would become the biggest shareholder in the exchange.
Borse Dubai said it planned to agree to a lock-up period of 18 months for its remaining shares if the current sale is completed.
As long as it owns at least 10 per cent stake in Nasdaq, it will also have the right to designate a nominee to the company's board of directors.