Nasdaq (NDAQ.O) announced Thursday that it would sell $5.07 billion in debt to fund the acquisition of Thoma Bravo-owned software startup Adenza.
The $10.5 billion agreement announced this month to help the exchange operator become a financial technology company includes $5.75 billion in cash and 85.6 million Nasdaq common stock.
According to a release, Nasdaq sells $4.25 billion and 750 million euros ($821.33 million) senior notes.
The New York-based business said it has fully committed bridge financing for the cash side of the transaction and aims to issue $5.9 billion of debt between signing and closure.
Nasdaq and many of its counterparts have been transforming into financial technology corporations, mostly through transactions, as regulatory and nationalist backlash killed significant cross-border exchange mergers, and trading volumes declined after the 2008-2009 financial crisis, limiting transaction-based revenue.
The U.S. exchange operator acquired Nordic markets owner OMX for $3.7 billion in 2007, International Securities Exchange for $1.1 billion in 2016, content and analytics provider eVestement for $705 million in 2017, and Verafin for $2.75 billion in 2020.
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