Summary
Nasdaq, Inc. (NDAQ) announced the completion of the sale of its U.S. fixed income business (NFI) to Tradeweb Markets Inc. This transaction, effective June 25, 2021, marks a strategic divestiture for Nasdaq, allowing it to potentially streamline its operations and focus on core growth areas. A significant secondary effect of this sale is the acceleration and issuance of approximately 6.2 million Nasdaq shares to Newmark SPV I, LLC, an assignee of BGC. This share issuance is a result of a contingent obligation outlined in a 2013 purchase agreement, which was adjusted and accelerated upon the closing of the NFI sale.
Key Highlights
- 1Completion of the sale of Nasdaq's U.S. fixed income business (NFI) to Tradeweb Markets Inc.
- 2The transaction was effective as of June 25, 2021.
- 3Nasdaq issued approximately 6.2 million shares of its common stock.
- 4The share issuance was to Newmark SPV I, LLC, an assignee of BGC.
- 5The share issuance was a result of accelerated contingent obligations from a 2013 purchase agreement.
- 6The 2013 Purchase Agreement with BGC Partners, L.P. and its affiliates was a key factor in the share issuance.
- 7A press release dated June 25, 2021, was issued to announce these events.