NEW YORK (March 20): Nasdaq said on Tuesday that Borse Dubai would sell shares worth US$1.6 billion (RM7.6 billion) in the US stock exchange operator, ceding its spot as the company's top shareholder to private equity firm Thoma Bravo.

The move sent shares of Nasdaq down nearly 4% in trading before the bell on Wednesday.

Borse Dubai will sell nearly 27 million Nasdaq shares at US$59 each, a discount of more than 5% to the stock's last closing price.

The deal will reduce Borse Dubai's stake in Nasdaq to 10.8% from 15.5% and make it the company's second-largest shareholder. With a 12.5% stake, Thoma Bravo would become the biggest shareholder in the exchange.

Borse Dubai said it planned to agree to a lock-up period of 18 months for its remaining shares if the current sale is completed.

As long as it owns at least 10% stake in Nasdaq, it will also have the right to designate a nominee to the company's board of directors.