Borse Dubai has sold about half of its stake in Nasdaq OMX, raising $672m towards the refinancing of a $2.45bn loan maturing in February.
The emirates exchange holding company is understood to have taken a significant loss on the investment. Observers said the sale was concluded at $22 a share compared with Dubai’s original purchase price of about $42 in 2008 when it took a 28 per cent stake in Nasdaq OMX as part of complex transaction involving various assets swaps.
Borse Dubai failed to conclude a strategic sale of its assets, forcing a quick sale ahead of the maturity of its $2.45bn loan. The government holding company for Dubai’s two stock exchanges also raised $428m via a new three-year facility arranged by Nomura and Emirates NBD, Dubai’s biggest bank, towards the refinancing of debt facility.
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