Cannae Holdings annouces strategic partnership with Jana Partners

Cannae Holdings “announced a strategic partnership with JANA Partners, 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. 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.”