NEW YORK (Reuters) -Nasdaq said on Tuesday that Borse Dubai will sell shares worth $1.6 billion in the U.S. stock exchange operator, reducing its stake to 10.8% from 15.5% and making it the company's second-largest shareholder.
Borse Dubai, currently Nasdaq's top shareholder, will sell nearly 27 million Nasdaq shares at $59 each, a discount of more than 5% to the stock's closing price on Tuesday.
Nasdaq's shares closed the regular session up 3.6% at $62.46. They fell more than 2% in extended trading on Tuesday following the announcement of the planned share sale.
"Subject to completion of the offering, Borse Dubai intends to agree to an 18-month lock-up of its remaining shares controlled by Nasdaq, with a right to designate a nominee to the Nasdaq board of directors so long as it continues to own at least 10% of Nasdaq's outstanding shares as of the date hereof," the company said in a statement.
U.S. private equity firm Thoma Bravo will become Nasdaq's largest shareholder, holding a 12.5% stake in the U.S. exchange with about 71.6 million shares.
(Reporting by Chibuike Oguh in New York and Mrinmay Dey in Bengaluru; Editing by Matthew Lewis and Savio D'Souza)
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