The Nasdaq Stock Market (NDAQ:NDAQ) announced today that it would sell its stake in the London Stock Exchange after its lengthy battle to take over the company. The global stock exchange put its 31% stake in the LSE on the block saying that the stake wasn't fully reflected in its own share price.

The move came as a surprise to many who expected the Nasdaq to make another bid in February after regulations on a renewed bid would expire. However, in the end the company said the stake is not fully appreciated in its share price. The company said it would use the proceeds to pay down debt.

Potential buyers of the $1.55 billion stake include JP Morgan and UBS Investment Bank. Meanwhile, the stock exchange is in the process of acquiring OMX AB in a $3.6 billion deal to expand its global footprint. In the end, Nasdaq will need to acquire at least a few global exchanges in order to remain competitive with the NYSE's new structure.

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New York Stock Exchange (NYX)
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