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Nasdaq Inc. is collaborating. With a group of banks including Goldman Sachs Group Inc. and Morgan Stanley to expand its market for private equity.
The deal could help drive more transactions to the Nasdaq Private Market, the New York-based exchange operator’s trading platform for shares of companies that haven’t yet had an initial public offering.
Trading in pre-IPO stocks has heated up in recent years as startups waited longer to go public. Employees at these companies often seek to cash in on their stock, while investors may want to get into a fast-growing technology startup.
Under the deal, the Nasdaq private market will be transferred to a separate, stand-alone company that will receive investments from a consortium of banks. The group includes Citigroup Inc. and Goldman, Morgan Stanley and SVB Financial Group, which owns Silicon Valley Bank. The companies announced the deal on Tuesday after the Wall Street Journal first reported it.
Terms of the deal were not disclosed. Nasdaq said it would remain the largest shareholder in the joint venture.
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