Cannae to acquire additional 30% stake in Jana Partners

Cannae Holdings (CNNE) announced an expansion of its strategic relationship with JANA Partners, an investment firm focused on creating value through shareholder engagement. Cannae has entered into an agreement to acquire an additional 30% stake in JANA, and post-closing will have total ownership of 50%. This acquisition represents another step in Cannae’s strategy to rebalance its portfolio away from current public company investments to attractive companies that produce cash flow. This additional investment in JANA broadens the scope of the successful partnership established in February 2024, enhancing and expanding Cannae’s ability to allocate capital towards proprietary acquisition and investment opportunities that complement JANA’s strategy and investment activities. The widened strategic relationship also provides Cannae with additional ownership in a high-performing, attractive private company and a greater share of the benefits realized by JANA from the broadened partnership. JANA has already surfaced multiple unique investment opportunities for Cannae, including control acquisitions, spin-merger opportunities and other strategic and capital solution transactions. JANA is an investment manager founded in 2001 and led by Executive Chairman and Founder Barry Rosenstein and Managing Partner Scott Ostfeld. JANA has built a reputation and track-record over its 24-year history as a leader in engaged investing, driving shareholder value, and improving governance at public companies. With its trailblazing model of partnering with industry operators to unlock value, JANA has delivered industry leading returns to investors in its funds. At closing, Cannae will acquire an additional 30% ownership, resulting in total ownership of 50%, in exchange for an upfront payment of $67.5 million, with potential further payments aggregating $26 million contingent upon certain future period Assets Under Management thresholds. The transaction is expected to close in the third quarter of 2025.