---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-164839"
form_type: "8-K"
ticker: "NDAQ"
cik: "0001120193"
company_name: "NASDAQ, INC."
filed_at: "2023-06-12T23:59:59+00:00"
generated_at: "2026-06-14T02:41:59.659658+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001193125-23-164839
- form_type: 8-K
- ticker: NDAQ
- cik: 0001120193
- company_name: NASDAQ, INC.
- filed_at: 2023-06-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1120193/000119312523164839/0001193125-23-164839-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1120193/000119312523164839/d476077d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-164839
- JSON: https://secwatch.observer/filing/0001193125-23-164839.json
- Plain text: https://secwatch.observer/filing/0001193125-23-164839.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.