Cannae Holdings, Inc. (NYSE: CNNE) today reported operating results for the three and six-month periods ended June 30, 2018. On April 30, 2018, Ceridian HCM Holding Inc. (NYSE: CDAY) announced the closing of its initial public offering of 24,150,000 shares of common stock (which included the over-allotment option) priced at $22.00 per share.
Following the closing of the Ceridian IPO, Cannae owned 37,135,921 shares representing a 27% stake in Ceridian. Based upon the CDAY closing price of $35.19 as of August 10, 2018, Cannae's position is worth $1.31 billion. On July 27, 2018, Lifeworks Corporation Ltd. was sold to Morneau Shepell for $325 million of which Cannae will receive approximately $56 million in cash proceeds for its interest. On August 1, 2018, Bob Wilhelm, an experienced healthcare services executive, was named T-System's new Chief Executive Officer. On August 8, 2018, Cannae entered into a definitive agreement in partnership with an investment consortium including CC Capital and Thomas H. Lee Partners to acquire Dun & Bradstreet (NYSE: DNB) in a transaction valued at $6.9 billion. Cannae's commitment is $900 millionof the purchase price. Cannae agreed to use its reasonable best efforts to syndicate at least $600 million of its equity commitment. Total book value of portfolio company investments was $1.080 billion, or $15.03 per share, as of June 30, 2018 compared to total book value of $1.059 billion, or $14.95 per share, at December 31, 2017.
“I am pleased with our second quarter results and the progress that we achieved positioning Cannae to deliver continued growth and value for shareholders,” commented Chairman William P. Foley, II. “Cannae owns 37,135,921 shares representing a 27% stake in Ceridian which is now worth $1.31 billion based upon the company's closing price of $35.19 on August 10, 2018. We continue to be pleased with Ceridian’s growth and opportunity to further expand their business as can be seen in their strong results this quarter. Additionally, Lifeworks was sold to Morneau Shepell for $325 million in proceeds on July 27, 2018. Cannae will receive approximately $56 million in cash proceeds for its interest in Lifeworks which we expect to receive at the end of August.”