secwatch.observer — SEC 8-K summary
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Issuer:     NASDAQ, INC. (NDAQ)
CIK:        0001120193
Form:       8-K
Filed at:   2023-06-12T23:59:59+00:00
Accession:  0001193125-23-164839
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1120193/000119312523164839/0001193125-23-164839-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1120193/000119312523164839/d476077d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-164839

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer