Cannae Holdings Announces Investment in Foley Trasimene Acquisition Corp. II's Recently Priced $1.3B IPO
Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae") today announced that it has entered into a forward purchase agreement with Foley Trasimene Acquisition Corp.
Benzinga · 08/18/2020 23:42
Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae") today announced that it has entered into a forward purchase agreement with Foley Trasimene Acquisition Corp. II ("FTAC II") in which Cannae will purchase shares of FTAC II's Class A common stock in an aggregate share amount equal to 15,000,000 shares of Class A common stock, plus an aggregate of 5,000,000 redeemable warrants to purchase one share of Class A common stock at $11.50 per share, for an aggregate purchase price of $150.0 million, or $10.00 per Class A common stock, in a private placement to occur concurrently with the closing of an initial business combination by FTAC II. FTAC II recently priced its initial public offering of 130,000,000 units at a price of $10.00 per unit. FTAC II has granted the underwriters of the offering a 45-day option to purchase up to an additional 19,500,000 units at the public offering price. The units are listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "BFT.U". Each unit consists of one share of FTAC II's Class A common stock and one-third of one warrant. Each whole warrant entitles the holder to one share of FTAC II's Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the NYSE under the symbols "BFT" and "BFT.WS," respectively. The Sponsor of FTAC II is Trasimene Capital FT, LP II, an affiliate of Trasimene Capital Management, LLC, led by William P. Foley, II. Cannae has an approximately 15% limited partnership interest in Trasimene Capital FT, LP II and an indirect economic interest in 15% of the founder shares, which equates to an indirect economic interest in 3% of the outstanding shares of common stock after this offering. William P. Foley, II, commented, "Cannae looks forward to working with FTAC II, its Sponsor, and the other limited partners of the Sponsor to identify prospective target businesses within the industries of financial technology or business process outsourcing and leveraging our collective transaction and organizational optimization experience." Credit Suisse Securities (USA) LLC and BofA Securities are acting as joint book-running managers for the offering.