Nasdaq shares fell about 11% on Monday after the stock operator announced it had agreed to acquire Adenza, a maker of software used by banks and brokerages, in a $10.5 billion cash and stock deal.
The seller in the deal is private equity firm Thoma Bravo, which is set to get 14.9% of Nasdaq’s outstanding shares as part of the deal, making it one of the biggest Nasdaq shareholders.
The Nasdaq was the worst performer in the S&P 500 on Monday, with stocks heading for their worst decline since March 2020. The stock is down 15% this year.