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~ Partnership will provide Cannae access to proprietary acquisition and investment opportunities ~
Cannae Holdings, Inc. (NYSE:CNNE) ("Cannae" or the "Company") today announced a strategic partnership with JANA Partners ("JANA"), an investment firm focused on creating value through shareholder engagement. The strategic partnership will help Cannae drive shareholder value by sourcing new control acquisitions and similar strategic opportunities and will enhance returns for JANA's investors by expanding JANA's industry operator network and providing an M&A catalyst when it may maximize shareholder value.
JANA is an investment manager founded in 2001 and led by Executive Chairman and Founder Barry Rosenstein and Managing Partner Scott Ostfeld. JANA has built a reputation and track-record over its 23-year history as a leader in engaged investing, driving shareholder value, and improving governance at public companies. With its trailblazing model of partnering with industry operators to unlock value, JANA has delivered industry leading returns to investors in its funds.
William P. Foley, II, Chairman and Chief Executive Officer of Cannae, commented, "I am very excited to partner with Barry Rosenstein and Scott Ostfeld, who have built an incredible track record as public company investors. Through our investment in JANA, we will have access to proprietary deal flow and acquisition opportunities in undervalued companies and, as an owner of JANA, will also participate in the future success of JANA."
Barry Rosenstein, JANA's Founder and Executive Chairman, and Scott Ostfeld, JANA's Managing Partner, added, "We have long admired Bill and his team, and we share a similar philosophy on how to unlock a company's potential. We believe this strategic partnership will enhance our capabilities, expand our investment universe, and drive enhanced returns for both Cannae shareholders and JANA's investors."
The strategic partnership includes a minority equity ownership exchange whereby the Company received a minority stake in JANA directly from its principals in exchange for 1.85 million shares of Cannae common stock and $18.3 million of cash in lieu of stock to cover transaction related taxes. In connection with the issuance of Company common stock, JANA's principals entered into voting arrangements with the Company to support the board and management. The transaction was a simultaneous sign and close and the shares are subject to customary lock-up arrangements. Cannae also committed to invest at least $50 million into JANA funds. Cannae's investment in JANA and JANA funds will not be subject to fees under the Company's management services agreement with Trasimene Capital Management, LLC. The Company plans to partner alongside JANA on situations that may present an attractive control acquisition or other similar strategic investment opportunities that are consistent with Cannae's primary business of acquiring operating companies and actively engaging in managing and operating those companies.
Posted In: CNNE
