Nasdaq Inc

NDAQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$67.00	Skdpzk	Jtbtwzx

Nasdaq Acquires Adenza at a Hefty $10.5 Billion Price Tag; Fair Value Estimate Reduced to $55

Michael Miller

Jun 12, 2023

Narrow moat-rated Nasdaq announced that it intends to acquire Adenza, a provider of risk management and post-trade reporting software, for $10.5 billion. Nasdaq intends to pay for the deal with a mix of $4.75 billion in cash and by issuing more than 85 million shares. The deal will leave Thoma Bravo with nearly 15% of Nasdaq and the other firm will be able to nominate Holden Spaht to Nasdaq's board.

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