Cannae Holdings, Inc. Announces Austerlitz Acquisition Corp. I Filing of S-1

Rhea-AI Summary

Cannae Holdings (NYSE:CNNE) announced that Austerlitz Acquisition Corp. I (AUS) has filed a registration statement for an IPO offering 50 million units at $10 each. The IPO includes shares and redeemable warrants, with AUS targeting NYSE listing under symbol AUS.U. Cannae plans to enter a forward purchase agreement to buy 7.5 million shares of AUS Class A common stock and 1.875 million warrants for $75 million. The offering is subject to market conditions and the registration statement has not yet become effective.

Positive

• Cannae's forward purchase agreement indicates confidence in AUS, with plans to invest $75 million.
• Austerlitz Acquisition Corp.'s IPO could enhance market visibility and liquidity for Cannae's investments.

Negative

• The success of the IPO is uncertain, posing risks to Cannae's investment.
• Potential market conditions may impact the execution of the offering negatively.

Cannae Holdings, Inc. (NYSE:CNNE) (“Cannae” or the “Company”) today announced that Austerlitz Acquisition Corp. I (“AUS”) has filed a registration statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of 50,000,000 units at a price of $10.00 per unit, each consisting of one share of AUS Class A common stock, and one-fourth of one redeemable warrant. Each whole warrant entitles the holder to one share of AUS Class A common stock at a price of $11.50 per share. AUS has applied to list its units on the New York Stock Exchange under the symbol “AUS.U.”

Cannae is expected to enter into a forward purchase agreement with AUS in which Cannae will purchase shares of AUS Class A common stock in an aggregate share amount equal to 7,500,000 shares of Class A common stock, plus an aggregate of 1,875,000 redeemable warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $75.0 million, or $10.00 per share of Class A common stock, in a private placement to occur concurrently with the closing of the initial business combination.

Austerlitz Acquisition Sponsor, LP I, an affiliate of Trasimene Capital Management, LLC, is the sponsor of AUS, led by William P. Foley, II. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and BofA Securities, Inc. are acting as joint book-running managers for the offering.

The proposed offering will be made only by means of a prospectus, which forms a part of the Registration Statement. Copies of the preliminary prospectus relating to the proposed offering may be obtained, when available, for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained for free from the offices of Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: (800)-221-1037 or by emailing: usa.prospectus@credit-suisse.com; J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities, Inc. Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or by emailing: dg.prospectus_request@bofa.com. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.

The Registration Statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cannae Holdings, Inc.

Cannae Holdings, Inc. (NYSE: CNNE) is engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Cannae was founded and is led by investor William P. Foley, II. Foley is responsible for the creation and growth of over $140 Billion in publicly traded companies including Fidelity National Information Services (“FIS”), Fidelity National Financial (“FNF”), and Black Knight, Inc. (“BKI”). Cannae’s current principal holdings include Dun & Bradstreet Holdings, Inc. (“DNB”), which recently completed a successful business transformation and IPO. Cannae holds an approximately 18% interest in Dun & Bradstreet or ~76 million shares. Cannae’s second principal holding is Ceridian (“CDAY”), which Foley transformed from a legacy payroll bureau into a leading cloud based provider of human capital management software. Cannae owns approximately 9.5% of Ceridian representing ~14 million shares.

Austerlitz Acquisition Corporation I

Austerlitz Acquisition Corporation I is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; risks associated with our split-off from Fidelity National Financial, Inc., including limitations on our strategic and operating flexibility related to the tax-free nature of the split-off and the Investment Company Act of 1940 and Investment Advisers Act, as well as the risk and uncertainties related to the success of our externalization.

This press release should be read in conjunction with the risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-Q, 10-K and other filings with the Securities and Exchange Commission.

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FAQ

What is the IPO planned by Austerlitz Acquisition Corp. I?

Austerlitz Acquisition Corp. I plans to offer 50 million units at $10 each, consisting of one share and one-fourth of a redeemable warrant.

How much is Cannae Holdings investing in AUS?

Cannae Holdings is expected to invest $75 million for 7.5 million shares of AUS Class A common stock and 1.875 million warrants.

What is the expected stock symbol for Austerlitz Acquisition Corp. I?

Austerlitz Acquisition Corp. I aims to list under the symbol AUS.U on the NYSE.

What risks are associated with Cannae's investment in Austerlitz Acquisition Corp. I?

Risks include uncertain IPO success and potential adverse market conditions affecting the offering.