NEW YORK: Nasdaq has sold its PR and digital media services businesses, including GlobeNewswire, to West Corporation for $335 million, the stock exchange said on Monday.
Nasdaq also sold its web hosting, webcasting, media intelligence, and influencer database to the communications services company.
Nasdaq will use proceeds from the sale to repurchase shares, the company said in a statement. Its board of directors recently greenlighted an additional $500 million for share repurchases.
Eligible Nasdaq clients will continue to have access to products and services that are being sold to West, according to a statement.
Weber Shandwick provided communications support for the deal, a person familiar with the matter said.
Nasdaq said last September that it was exploring a sale of the businesses, adding that the PR and digital units represented $195 million in revenue and $25 million in operating income. CEO Adena Friedman said at the time that offloading the units would allow Nasdaq to focus on data and analytics.
Nasdaq has cultivated its corporate solutions business for the past decade by purchasing small services. It also acquired the Thomson Reuters corporate solutions business, which "grew corporate solutions into what it is today," Friedman said last January. She added at the time that Nasdaq worked with 18,000 clients worldwide that needed comms and intelligence services.