Nasdaq to acquire Adenza from Thoma Bravo for $10.5B in cash and stock

NASDAQ, INC.

Deal: $10.5B total – $5.75B cash plus 85.6M Nasdaq shares (~14.9% stake to Thoma Bravo).
Adenza: ~$590M 2023E revenue, 58% adj. EBITDA margin, 98% gross retention, 115% net retention.
Closing expected in 6-9 months; subject to regulatory approvals; bridge financing of $5.7B committed.
Net expense synergies: $80M run-rate by year 2; revenue synergies: $50M medium-term, $100M long-term.
Nasdaq's Solutions Businesses revenue share to rise to 77%; organic growth outlook increased to 8-11%.

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