Key Takeaways
- Sector: Technology Software & Gaming.
- Geography: United States.
Analysis
Thoma Bravo, a leading private equity firm known for its focus on software and technology investments, has officially exited its stake in Nasdaq Inc., generating approximately $3.4 billion through a series of strategic block trades.
On May 7, 2025, the firm sold 17.33 million Nasdaq shares at $77.90 per share, raising around $1.35 billion. Just days later, on May 13, it completed its divestment by selling another 25.5 million shares at $80.68 per share, bringing in roughly $2.05 billion.
The exit marks the conclusion of Thoma Bravo’s involvement with Nasdaq, which began in 2023 following a $10.5 billion transaction in which Nasdaq acquired Adenza, a fintech company previously owned by Thoma Bravo. In return, the private equity firm received 85.6 million Nasdaq shares, representing a 14.9% equity stake in the global exchange group.
Prior to this final divestment, Thoma Bravo had already sold 41.6 million shares in July 2024, through a secondary public offering valued at approximately $2.72 billion. The latest trades represent a strategic and profitable exit, capping a two-year investment journey.
Even with Thoma Bravo’s full withdrawal, Borse Dubai continues to hold a significant position in Nasdaq, currently owning a 10.8% stake, down from 15.5% the previous year.
This move underscores Thoma Bravo’s strategic agility, allowing it to realize gains from a high-profile investment and reallocate capital into other high-growth opportunities across its global portfolio. The firm remains a prominent player in the private equity landscape, with ongoing activity across software, fintech, and infrastructure sectors.