secwatch.observer — SEC 8-K summary
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Issuer:     NASDAQ, INC. (NDAQ)
CIK:        0001120193
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001193125-23-270374
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nasdaq completes $10.02B acquisition of Adenza from Thoma Bravo; appoints Holden Spaht to board
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- Closed Adenza acquisition for ~$10.02B: 85.6M shares (~$4.25B) plus $5.77B cash.
- Thoma Bravo lock-up: 50% shares released at 6 months, 50% at 18 months; nomination right if holds ≥10%.
- Expects $80M net expense synergies in 2 years, $100M revenue synergies long-term; leverage target 4.0x in 18 months.
- Appointed Thoma Bravo's Holden Spaht to Board, effective immediately, expanding board to 12 members.
- New divisions: Capital Access Platforms, Market Services, Financial Technology (Capital Markets Tech & Regulatory Tech).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1120193/000119312523270374/0001193125-23-270374-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1120193/000119312523270374/d655352d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-270374

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