{"id":90218,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/borse-dubai-plans-usd-1-6-bn-sale-of-a-third-of-its-stake-in-nasdaq\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"borse-dubai-plans-usd-1-6-bn-sale-of-a-third-of-its-stake-in-nasdaq","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/20\/borse-dubai-plans-usd-1-6-bn-sale-of-a-third-of-its-stake-in-nasdaq\/","title":{"rendered":"Borse Dubai plans USD 1.6 bn sale of a third of its stake in Nasdaq"},"content":{"rendered":"

Borse Dubai, Nasdaq\u2019s largest shareholder, is selling one third of its <\/strong>15.53% stake<\/strong> in the<\/strong> stock exchange operator<\/strong> for up to USD 1.6 bn, according to a statement<\/a>. The firm is selling 27 mn shares at USD 58-60 apiece, with plans to agree to an 18-month lock-up on the rest of its shares, which would amount to a 10.8% stake \u2014 making it the second largest shareholder in the company. This will give it the right to designate a board nominee. <\/p>\n

The firm is also granting underwriters a 30 day-option to buy up to 4 mn additional shares<\/strong>, the statement said. This would bring Borse Dubai\u2019s stake down to 10.1%. <\/p>\n

Why it\u2019s selling:<\/strong> \u201cToday\u2019s offering is being conducted to enhance the capital structure and liquidity within the Borse Dubai Group,\u201d Chairman and CEO of Borse Dubai Essa Kazim said. \u201cWe have not only been a shareholder in Nasdaq for the past 16 years, but Nasdaq is also a key technology and brand partner for our exchange group and we believe in the strategic vision for the company, [and] we look forward to a continued relationship as a partner,\u201d Kazim added.<\/p>\n

Background: <\/strong>Borse Dubai acquired a stake in Nasdaq in 2008 as part of a four-way transaction that also saw it snap up shares in London Stock Exchange, before shedding its stake<\/a> in LSE in 2015.<\/p>\n

Market reax: <\/strong>Shares of Nasdaq fell 3% in extended trading following the news. <\/p>\n

ADVISORS-<\/strong> Morgan Stanley and Goldman Sachs are joint lead book-running managers for the transaction. JP Morgan is acting as capital markets advisor to Nasdaq.<\/p>\n","protected":false},"excerpt":{"rendered":"

The stake sale comes in a bid to \u201cenhance the capital structure and liquidity\u201d of Borse Dubai<\/p>\n","protected":false},"author":1,"featured_media":90219,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[1058,7,1344,60,1643],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-borse-dubai","tag-enterpriseam-uae","tag-ma","tag-ma-watch","tag-nasdaq","wpautop","entry"],"acf":{"mongo_id":"73566b51-1e84-41c1-bf1c-ffe55a87e146","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1775.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Borse Dubai plans USD 1.6 bn sale of a third of its stake in Nasdaq","related_issue":[90214],"teaser":"The stake sale comes in a bid to \u201cenhance the capital structure and liquidity\u201d of Borse Dubai","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.650359f1-6b11-492d-9039-ca893aa6b791.mp3"},"yoast_head":"\nBorse Dubai plans USD 1.6 bn sale of a third of its stake in Nasdaq - 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