Cannae Holdings, Inc. Announces Expected Use of At Least $460 Million for Share Repurchases, Dividends, and Debt Repayment
Cannae Holdings (NYSE: CNNE) has announced plans to utilize at least $460 million from its upcoming Dun & Bradstreet (DNB) sale proceeds. The allocation includes:
- At least $300 million for common stock repurchases via tender offer
- $60 million reserved for future quarterly dividends
- $101 million for retiring existing margin loan debt
The company holds 69.1 million DNB shares, representing $632 million in expected cash proceeds. This strategic move will utilize approximately 72% of the expected DNB sale proceeds for shareholder returns and debt reduction. The DNB transaction is anticipated to close in Q3 2025, subject to customary conditions.
Cannae Holdings (NYSE: CNNE) ha annunciato piani per utilizzare almeno 460 milioni di dollari dai proventi della sua prossima vendita di Dun & Bradstreet (DNB). L'allocazione include:
- Almeno 300 milioni di dollari per il riacquisto di azioni ordinarie tramite offerta pubblica
- 60 milioni di dollari riservati per futuri dividendi trimestrali
- 101 milioni di dollari per estinguere il debito esistente da prestiti a margine
La società detiene 69,1 milioni di azioni DNB, che rappresentano 632 milioni di dollari in proventi di cassa previsti. Questa mossa strategica utilizzerà circa il 72% dei proventi della vendita di DNB per i ritorni agli azionisti e la riduzione del debito. La transazione DNB è prevista per chiudersi nel terzo trimestre del 2025, soggetta a condizioni consuete.
Cannae Holdings (NYSE: CNNE) ha anunciado planes para utilizar al menos 460 millones de dólares de los ingresos de su próxima venta de Dun & Bradstreet (DNB). La asignación incluye:
- Al menos 300 millones de dólares para la recompra de acciones ordinarias a través de una oferta pública
- 60 millones de dólares reservados para futuros dividendos trimestrales
- 101 millones de dólares para el pago de deudas existentes de préstamos con margen
La compañía posee 69,1 millones de acciones de DNB, que representan 632 millones de dólares en ingresos de efectivo esperados. Este movimiento estratégico utilizará aproximadamente el 72% de los ingresos esperados de la venta de DNB para retornos a los accionistas y reducción de deuda. Se anticipa que la transacción de DNB se cierre en el tercer trimestre de 2025, sujeto a condiciones habituales.
카나이 홀딩스 (NYSE: CNNE)는 다가오는 던 & 브래드스트리트(DNB) 판매 수익의 최소 4억 6천만 달러를 활용할 계획을 발표했습니다. 할당에는 다음이 포함됩니다:
- 공모를 통한 보통주 매입을 위해 최소 3억 달러
- 향후 분기 배당금을 위해 6천만 달러 예약
- 기존 마진 대출 부채 상환을 위해 1억 1천만 달러
회사는 6,910만 DNB 주식을 보유하고 있으며, 이는 예상 현금 수익 6억 3천2백만 달러에 해당합니다. 이 전략적 조치는 DNB 판매 수익의 약 72%를 주주 수익 및 부채 감소에 활용할 것입니다. DNB 거래는 2025년 3분기에 종료될 것으로 예상되며, 일반적인 조건에 따라 진행됩니다.
Cannae Holdings (NYSE: CNNE) a annoncé des plans pour utiliser au moins 460 millions de dollars des revenus de sa prochaine vente de Dun & Bradstreet (DNB). L'allocation comprend :
- Au moins 300 millions de dollars pour le rachat d'actions ordinaires par le biais d'une offre publique
- 60 millions de dollars réservés pour de futurs dividendes trimestriels
- 101 millions de dollars pour rembourser les dettes existantes de prêts sur marge
La société détient 69,1 millions d'actions DNB, représentant 632 millions de dollars de revenus en espèces attendus. Ce mouvement stratégique utilisera environ 72 % des revenus attendus de la vente de DNB pour des retours aux actionnaires et la réduction de la dette. La transaction DNB devrait se clôturer au troisième trimestre 2025, sous réserve des conditions habituelles.
Cannae Holdings (NYSE: CNNE) hat Pläne angekündigt, mindestens 460 Millionen Dollar aus den bevorstehenden Erlösen des Verkaufs von Dun & Bradstreet (DNB) zu verwenden. Die Verteilung umfasst:
- Mindestens 300 Millionen Dollar für den Rückkauf von Stammaktien über ein öffentliches Angebot
- 60 Millionen Dollar, die für zukünftige vierteljährliche Dividenden reserviert sind
- 101 Millionen Dollar zur Tilgung bestehender Margenkredite
Das Unternehmen hält 69,1 Millionen DNB-Aktien, die 632 Millionen Dollar an erwarteten Barauszahlungen repräsentieren. Dieser strategische Schritt wird etwa 72 % der erwarteten DNB-Verkaufserlöse für Rückzahlungen an die Aktionäre und Schuldenabbau nutzen. Die DNB-Transaktion wird voraussichtlich im dritten Quartal 2025 abgeschlossen, vorbehaltlich der üblichen Bedingungen.
- Significant share buyback program of at least $300 million
- Commitment to continue quarterly dividend payments
- Full repayment of $101 million margin loan debt
- 72% of proceeds allocated to shareholder returns and debt reduction
- Divestment of company's largest investment asset (DNB)
- Extended timeline for transaction completion (Q3 2025)
- Transaction subject to closing conditions and potential risks
The Company expects to repurchase at least
In addition, the Company expects to retain an additional
Dun & Bradstreet is Cannae’s largest investment as Cannae holds 69.1 million shares, representing
William P. Foley, II, CEO and Chairman of Cannae, noted, “The DNB sale transaction allows Cannae to monetize our largest asset and continue to execute the plan I laid out in February 2024 when I assumed my role as CEO. We believe these share repurchases, debt repayment, and continued dividends, in addition to the other actions taken over the past 13 months, will drive significant value for our shareholders and help close the discount to net asset value.”
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, beliefs, plans, 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, including statements about the completion of the DNB transaction, our buyback program, the impact of our actions on shareholder value and net asset value, and our ability to implement our plans. 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. Except as required by applicable law, 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 that forward-looking statements are subject to include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination or inability to complete the DNB transaction; risks associated with repayment of our outstanding debt and our capital allocation strategy; risks associated with the use of proceeds received as a result of the DNB transaction; risks associated with our ability to successfully operate businesses outside our traditional areas of focus; changes in general economic, business and political conditions, including changes in the financial markets and changes in macroeconomic conditions resulting from the outbreak of a pandemic or escalation of the current conflicts in
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 Forms 10-Q, Form 10-K and our other filings with the SEC.
Important Additional Information and Where to Find It
The Company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company’s shareholders for the Company’s 2025 annual meeting of shareholders. THE COMPANY’S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the Company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC Filings” link in the “Financials” section of the Company’s website at https://www.cannaeholdings.com/financial-information/sec-filings.
Certain Information Regarding Participants in the Solicitation
The Company, its directors (William P. Foley, II; Douglas K. Ammerman; Hugh R. Harris; C. Malcolm Holland; Mark D. Linehan; Frank R. Martire; Erika Meinhardt; Barry B. Moullet; James B. Stallings, Jr.; and Frank P. Willey) and certain of its executive officers (William P. Foley, II, Chief Executive Officer and Chief Investment Officer; Ryan R. Caswell, President; Bryan D. Coy, Chief Financial Officer; Peter T. Sadowski, Executive Vice President and Chief Legal Officer; and Michael L. Gravelle, Executive Vice President, General Counsel, and Corporate Secretary) and other employees may be deemed “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the Company’s 2025 annual meeting of shareholders. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company, by security holdings or otherwise, is set forth in the sections entitled “Compensation Discussion and Analysis and Executive and Director Compensation,” “Security Ownership of Certain Beneficial Owners, Directors and Executive Officers,” and “Executive Compensation” of the Company’s Proxy Statement on Schedule 14A in connection with the 2024 annual meeting of shareholders, filed with the SEC on April 26, 2024 (available here), and the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2025 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found at no charge in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on July 3, 2024 and February 28, 2025 for William P. Foley, II (available here and here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Douglas K. Ammerman (available here, here, here, and here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Hugh R. Harris (available here, here, here, and here); November 15, 2024 for C. Malcolm Holland (available here); November 15, 2024 for Mark D. Linehan (available here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Frank R. Martire (available here, here, here, and here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Erika Meinhardt (available here, here, here, and here); November 15, 2024 for Barry B. Moullet (available here); November 15, 2024 for James B. Stallings, Jr. (available here); November 15, 2024 for Frank P. Willey (available here); November 13, 2024, February 28, 2025 and March 21, 2025 for Michael L. Gravelle (available here, here and here); February 24, 2025, February 28, 2025, March 3, 2025 and March 17, 2025 for Peter T. Sadowski (available here, here, here and here); February 28, 2025, March 4, 2025 and March 17, 2025 for Ryan Caswell (available here, here and here); February 28, 2025, March 3, 2025 and March 17, 2025 for Bryan Coy (available here, here and here). Such filings are also available at no charge by clicking the “SEC Filings” link in the “Financials” section of the Company’s website at https://www.cannaeholdings.com/financial-information/sec-filings.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2025 annual meeting of shareholders, if and when they become available. These documents will be available free of charge as described above.
About Cannae Holdings, Inc.
We primarily acquire interests in operating companies and are actively engaged in managing and operating a core group of those companies. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250327396201/en/
Jamie Lillis, Managing Director
Solebury Strategic Communications
203-428-3223
jlillis@soleburystrat.com
Source: Cannae Holdings, Inc.