Nasdaq OMX in big share buyback from Borse Dubai

NEW YORK (BestGrowthStock) – U.S.-based exchange operator Nasdaq OMX Group Inc (NDAQ.O: ) said it would repurchase 22.8 million of its shares, or about 11.5 percent of the total outstanding, from Borse Dubai for $497 million.

The buyback will be funded by a coinciding $370 million bond sale, it said.

The transatlantic exchange company said it agreed to a price of $21.82 per share, compared with a closing price of $22.53 on Wednesday. Trading in the shares was halted Thursday morning.

The sale reduces Borse Dubai’s stake in Nasdaq OMX by more than half, and will help Borse Dubai meet its debt obligations, Nasdaq OMX said.

The move “allows us to be opportunistic and accelerate our share repurchase plans while delivering significant accretion to our shareholders,” Nasdaq OMX Chief Executive Robert Greifeld said in a statement.

“The financing gives us sufficient capacity to fund the buyback while maintaining strategic and operational flexibility.”

(Reporting by Jonathan Spicer; editing by John Wallace)

Nasdaq OMX in big share buyback from Borse Dubai