Software private equity behemoth Thoma Bravo announced it has fully exited its stake in Nasdaq, selling approximately $3.4 billion worth of shares across two transactions in May 2025. The divestment follows Nasdaq’s 2023 $10.5 billion acquisition of Adenza from Thoma Bravo, initially giving the PE firm a significant equity position. With the sale, Thoma Bravo has offloaded all Nasdaq shares acquired during the deal, while Borse Dubai now remains the exchange operator’s largest shareholder at 10.8%.

Thoma Bravo Divests All Its Stake in Exchange Operator Nasdaq