(Bloomberg) -- Thoma Bravo sold its remaining stake in Nasdaq Inc. for proceeds of about $3.4 billion, according to people familiar with the matter.

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The private equity firm divested around 43 million shares, or about 7.4% of the company, in unregistered block trades on May 7 and May 13, the people said. Thoma Bravo worked with JPMorgan Chase & Co. on the sale, they said, asking not to be identified as the information isn’t public.

A US Securities and Exchange Commission filing on May 9, 2025 shows that an affiliate of Thoma Bravo sold 17.3 million shares for $77.90 per share, and had 25.5 million shares remaining. On Tuesday, Thoma Bravo sold the last of its shares to JPMorgan for $80.68 each, the people said.

In a block trade, the bank or syndicate of banks buy the shares from the seller and then re-offer them to investors at a slightly higher price.

The May 7 block was re-offered to investors in a range of $78.20 to $78.57 per share, a different person said. The May 13 block was offered at around $81 per share, the person said.

Nasdaq shares reversed early gains to drop 0.1% to $80.94 each as of 11:50 a.m. on Thursday in New York, valuing the company at about $46.6 billion.

The trades cap a lucrative investment for Thoma Bravo, which received a 14.9% stake in the exchange operator as part of a $10.5 billion cash-and-stock sale of software provider Adenza in 2023.

The 85.6 million Nasdaq shares Thoma Bravo received were estimated at $55.49 each at the time, the people said, valuing the stake at $4.75 billion.

Thoma Bravo began selling down its Nasdaq holdings in 2024 with a 41.6 million share block raising about $2.8 billion, a filing at the time shows.

The three block trades, generating nearly $6.2 billion for Thoma Bravo, have resulted in a profit of about $1.4 billion versus the original stake, according to Bloomberg calculations.

Representatives for Nasdaq and Thoma Bravo declined to comment. A JPMorgan spokesperson didn’t immediately respond to a request for comment.

--With assistance from Michael Hytha.

(Updates with share price in sixth paragraph.)

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