Nasdaq Announces $10.5 Billion Acquisition of Financial-Software Maker Adenza
Summary
However, the news severely affected Nasdaqs shares, which dropped significantly intraday on Monday morning, reaching a low of up to 11%, the lowest since March 2020, according to Bloomberg. Nasdaq CEO Adena Friedman wants to grow the exchange operators software division, which accounts for over one-third of its annual recurring revenues. By concentrating on software sales to financial institutions, Nasdaq hopes to develop a more stable income stream and insulate the company from market volatility. Read Also: UK Prime Minister Sunak Keeps Up Efforts to Remain Tech Capital Status in AI Regulation However, worries over Adenzas price tag resulted in a dip in Nasdaqs shares. Nasdaq has acquired "fully committed" bridge financing and plans to issue $5.9 billion in debt between the signing and conclusion of the transaction to cover the cash component.
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