Nasdaq, SVB, Citi, Goldman Sachs, and Morgan Stanley’s Launch of New Platform for Trading Private Company Stock

Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Nasdaq. Morgan Lewis & Bockius LLP served as legal advisor to SVB, Citi, Goldman Sachs, and Morgan Stanley.

Nasdaq, SVB Financial Group (“SVB”), Citi, Goldman Sachs, and Morgan Stanley today announced a joint venture to establish an institutional-grade, centralized secondary trading venue for issuers, brokers, shareholders and prospective investors of private company stock.

Nasdaq Private Market will be contributed to a standalone, independent company, which will receive strategic investments from SVB, Citi, Goldman Sachs, and Morgan Stanley.

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. The Nasdaq Private Market, LLC (NPM) is an established liquidity provider to private companies. Whether a company seeks to optimize an eventual IPO or remain private permanently, NPM provides comprehensive technology and capital market support to meet its needs.

For nearly 40 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. 

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. 

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services.

The Skadden team included M&A partners Jeffrey Brill (Picture) and Sven Mickisch, counsel Matthew Nemeroff, and associates Jonathan Berger and Rahul Bhasin; Financial Institutions Regulation and Enforcement partner Brian Christiansen (Washington, D.C.); Executive Compensation and Benefits partner Erica Schohn; Tax partner Gavin White and counsel Nazmiye Gokcebay; Investment Management partner Heather Cruz; and Intellectual Property and Technology counsel Jessica Cohen. 

Involved fees earner: Jonathan Berger – Skadden Arps Slate Meager & Flom; Rahul Bhasin – Skadden Arps Slate Meager & Flom; Jeffrey Brill – Skadden Arps Slate Meager & Flom; Brian Christiansen – Skadden Arps Slate Meager & Flom; Jessica Cohen – Skadden Arps Slate Meager & Flom; Heather Cruz – Skadden Arps Slate Meager & Flom; Nazmiye Gokcebay – Skadden Arps Slate Meager & Flom; Sven Mickisch – Skadden Arps Slate Meager & Flom; Matthew Nemeroff – Skadden Arps Slate Meager & Flom; Erica Schohn – Skadden Arps Slate Meager & Flom; Gavin White – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Nasdaq;

Author: Martina Bellini