Cannae Holdings to wind down Management Services Agreement with Trasimene

Cannae Holdings has agreed to wind down its Management Services Agreement – MSA – with Trasimene Capital Management. Effective July 2, the MSA will be amended and restated to provide that Trasimene will receive a fixed management fee of $7.6M for each of the following three years, and a $20M termination fee, payable in three annual installments commencing on July 2, and no fees thereafter. As a result, Trasimene will not receive any incremental management fees or carried interest on investments made by the company on or after February 26, and beginning July 2, Trasimene will not receive any management fees or carried interest on any of the company’s investments, other than the arrangements described above. William Foley, II will serve as the CEO, Chief Investment Officer, and Chairman of Cannae’s Board of Directors and has entered into a three-year employment agreement. Ryan Caswell will cease to be a member of Trasimene as of July 2, and will continue to serve as the President of the company and has entered into a three-year employment agreement. Cannae expects these transactions to be marginally accretive to NAV per share upon the effective date of July 2.