Cannae Holdings, Inc. Announces Sale of Lifeworks Corporation Ltd.
Cannae Holdings, Inc. (NYSE:CNNE) (“Cannae” or the “Company”) today announced the close of the sale of Lifeworks Corporation
Ltd. (“Lifeworks”) to Morneau Shepell Inc. (TSE: MSI) (“Morneau Shepell”) for $325 million payable in a combination of cash and
Morneau Shepell shares. Cannae Holdings will receive approximately $56 million in cash proceeds for its interest in Lifeworks. The
transaction closed July 27, 2018 and Cannae expects to receive its portion of the cash proceeds at the end of August 2018.
“Lifeworks has been another great transaction for Cannae and our shareholders. Under our ownership, Lifeworks experienced strong
growth and we are excited that Morneau Shepell will provide the right platform for that growth to continue,” commented Chairman
William P. Foley, II. “Looking forward, we will continue to seek attractive investment opportunities to grow Cannae and create
further value for our shareholders.”
About Cannae Holdings, Inc.
Cannae holds majority and minority equity investment stakes in a number of entities, including Ceridian Holdings, LLC, American
Blue Ribbon Holdings, LLC and T-System Holding LLC. More information about Cannae can be found at www.cannaeholdings.com.
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.
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.
Solebury Trout
Jamie Lillis, 203-428-3223
Managing Director
jlillis@soleburyir.com
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