Cannae Holdings Inc (CNNE) News & EventsCNNECannae Holdings Inc

Company Reports Q2 Revenue of $102.2M, Beating Estimates

Reports Q2 revenue $102.2M, two estimates $99.65M.

Cannae Holdings Sells 87% Stake in Brasada Ranch for $40M

Cannae Holdings entered into an agreement to sell its 87% ownership interest in Brasada Ranch, a destination resort located in Powell Butte, Oregon, to a company owned by William Foley, II, Cannae's Vice Chairman, in exchange for the termination of Mr. Foley's put right. The Transaction represents an estimated enterprise value for Brasada of $40M, including the assumption of approximately $17M of debt on the property by the buyer. Cannae has owned Brasada for over 10 years and received $13.5M of distributions to date, fully recovering its original investment through distributions prior to the Transaction. However, in the last two years, ongoing distributions have slowed as Brasada entered a new phase of its development that requires significant capital expenditure and management time to expand the community and improve the existing facilities. As a result of these changes at Brasada and Cannae's strategy of repositioning the portfolio and monetizing non-core assets, Cannae viewed this as the optimal time to exit. The Transaction advances Cannae's strategic objectives on multiple fronts by: monetizing a non-core asset as Cannae repositions its portfolio to focus on sports and entertainment related assets, eliminating the put right, and freeing up at least $47M of capital for redeployment into other higher returning investments or capital returns to shareholders. The Transaction was reviewed and unanimously approved by Cannae's Related Person Transaction Committee, as well as by Cannae's Board of Directors. Foley did not participate in the Board's deliberations and did not vote on the Transaction. The Transaction is expected to close on or before July 15, subject to certain closing conditions.

Cannae Holdings Completes Acquisition of Exeter Rugby Group for £32.6M

Cannae Holdings announced that through its newly created subsidiary Black Knight Rugby, it has completed the acquisition of Exeter Rugby Group. The transaction values Exeter at an enterprise value of GBP 32.6M, with Cannae investing GBP 19.6M at closing of which GBP 11.7M will be used to pay down outstanding debt and other liabilities at close and GBP 7.9M will remain on Black Knight Rugby and Exeter's balance sheet for growth capital and general corporate purposes. The purchase price represents an attractive entry multiple into a leading professional sports asset.