Borse Dubai plans to sell part of stake in the Nasdaq in a deal potentially worth some $1.6 billion

Published March 19, 2024 11:59 PM

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — A Dubai sovereign wealth fund that’s the single-largest shareholder in the Nasdaq stock index plans to sell a third of its shares in the exchange. It’s a deal potentially worth some $1.6 billion that saw the value of the firm fall in aftermarket trading Wednesday. The announcement from Borse Dubai, owned by the Investment Corp. of Dubai, would make it the second-largest holder in the Nasdaq, a technology-heavy exchange that’s one of the three main indexes in the United States. Borse Dubai said in a statement the sale would improve its liquidity, but gave no specific plans for how it would use the cash.

Article Topic Follows: AP-National

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