Cannae Holdings to Wind Down Management Services Agreement with Trasimene Capital Management, $7.6M Payable for Each of the Following 3 Years, and a $20M Termination Fee
Portfolio Pulse from Benzinga Newsdesk
Cannae Holdings, Inc. (CNNE) has announced the termination of its Management Services Agreement with Trasimene Capital Management, effective July 2, 2024. Trasimene will receive a fixed management fee of $7.6 million annually for three years and a $20 million termination fee, payable in three annual installments starting July 2, 2024. William P. Foley, II will serve as CEO, CIO, and Chairman of Cannae's Board, and Ryan Caswell will continue as President of the Company, both under three-year employment agreements.
February 27, 2024 | 11:27 am
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Cannae Holdings, Inc. (CNNE) will terminate its Management Services Agreement with Trasimene Capital Management, incurring a fixed management fee of $7.6 million annually for three years and a $20 million termination fee.
The termination of the Management Services Agreement with Trasimene Capital Management and the associated financial obligations could be viewed negatively by investors due to the substantial fees involved. The leadership changes, with William P. Foley, II and Ryan Caswell taking on significant roles, may add some stability, but the immediate financial impact is likely to concern shareholders.
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