Thoma Bravo has fully exited its position in Nasdaq Inc, realising $3.4bn through a structured multi-phase divestment, according to a Reuters report citing sources close to the transaction.

The final leg of the sale was completed this week, with Thoma Bravo offloading 25.5 million shares to JPMorgan at $80.68 per share. This follows a prior transaction on 7 May in which the firm sold 17.33 million shares for approximately $1.35bn, as disclosed in a recent SEC filing.

Combined with the $2.72bn raised through a secondary offering in July 2024, Thoma Bravo has now liquidated its entire Nasdaq stake—an equity position it acquired as part of Nasdaq’s $10.5bn acquisition of Adenza, a financial technology platform previously owned by the private equity firm. The 2023 cash-and-stock deal transformed Thoma Bravo’s Adenza holdings into Nasdaq equity, which the firm has now fully monetised.

The exit represents a textbook example of private equity value realisation following a strategic M&A transaction, with Thoma Bravo converting paper gains into substantial cash returns in under a year.

Despite Thoma Bravo’s exit, Borse Dubai remains Nasdaq’s largest shareholder, holding a 10.8% stake after trimming its ownership from 15.5% in 2023.

Source: Bloomberg

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