STOCKHOLM (Reuters) – Qatar Holding LLC has sold its entire holding in Nordic and Baltic bourse operator OMX, the target of a bid by Borse Dubai, a regulatory filing showed on Wednesday.

OMX’s board has backed the $4.9 billion offer by Borse Dubai. If the offer succeeds, Borse Dubai will then sell on OMX to U.S. exchange Nasdaq in return for a stake in the combined business.

The regulatory filing showed Qatar Holding, a subsidiary of the Qatar Investment Authority, had sold 12.04 million shares in OMX.