Nasdaq stock drops after news of $10.5 billion acquisition

Nasdaq shares fell about 11% on Monday after the stock operator announced it had agreed to acquire Adenza, a maker of software used by banks and brokerages, in a $10.5 billion cash and stock deal.

The seller in the deal is private equity firm Thoma Bravo, which is set to get 14.9% of Nasdaq’s outstanding shares as part of the deal, making it one of the biggest Nasdaq shareholders.

The Nasdaq was the worst performer in the S&P 500 on Monday, with stocks heading for their worst decline since March 2020. The stock is down 15% this year.

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