Nasdaq plans to sell $5.07 billion in debt to fund its acquisition of Adenza. The deal with Thoma Bravo is worth $10.5 billion.
Nasdaq aims to sell $4.25 billion senior notes and 750 million euros ($821.33 million). It has secured bridge financing for the cash portion of the transaction. The company plans to issue $5.9 billion debt during the deal’s signing and closing.
The acquisition of Adenza is a step in Nasdaq’s transformation into a financial technology company. Nasdaq has acquired several other financial technology firms, such as OMX, International Securities Exchange, eVestement, and Verafin. OMX was purchased for $3.7 billion in 2007, International Securities Exchange for $1.1 billion in 2016, eVestement for $705 million in 2017, and Verafin for $2.75 billion in 2020.
The acquisition of Adenza will give Nasdaq a leading position in the market for cloud-based trading and financial software. Adenza’s products are used by more than 1,000 financial institutions around the world.
The deal is expected to close in the second half of 2023. Nasdaq plans to sell debt worth $5.07 billion to acquire Adenza. This acquisition aligns with Nasdaq’s goal of becoming a financial technology company.
Here are some additional details about the deal:
- The $10.5 billion deal comprises $5.75 billion in cash and 85.6 million shares of Nasdaq common stock.
- Nasdaq has received fully committed bridge financing for the cash part of the transaction.
- The company plans to issue about $5.9 billion of debt between the signing and the closing of the deal.
- Adenza’s products are used by more than 1,000 financial institutions around the world.
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