Cannae SPAC Presentation Deck
J
alight
On 7/1/21 Cannae purchased 4.2M redeemed ALIT shares for $42M. As a result, Cannae received an additional
1.5M founder shares from other Sponsors. The business combination successfully closed on 7/2/21.
Transaction Update(¹)
On June 30, 2021, Foley Trasimene announced that stockholders voted to adopt the Business Combination
Agreement for Foley Trasimene's proposed business combination with Alight and approved all other proposals
In connection with the vote, 19.9M Foley Trasimene public SPAC shares (~19% of cash in trust) were redeemed
The Sponsors collectively agreed to purchase 5.2M of redeemed shares (4.2M of which were bought by
Cannae for $42M)
●
The business combination successfully closed on July 2, 2021
Alight's Class A common stock and warrants began trading on the New York Stock Exchange on July 6, 2021,
under the ticker symbols "ALIT" and "ALITW," respectively
D.A. Davidson has launched coverage of Alight with a "Buy" rating and $16.00 price target as of 7/27/2021
Alight (ALIT) stock performance vs S&P 500 and public peers
Since day before news of a potential merger between WPF and Alight first broke
Alight (WPF) I
closed at
I
AN
$11.05 on
12/18/20 (day 12/18/20
before news
of a potential
deal broke)
I
Source: Public company filings and market data as of 8/5/2021.
(1) On July 2nd, 2021, the business combination closed and WPF ticker changed to ALIT
(2) Peers include: Broadridge, ADP, Paychex, Ceridian and HealthEquity.
8/5/2021
S&P 500: 20%
Peers (2): 13.9%
Alight (ALIT)
stock closed at
$9.91 as of
8/5/2021
Cannae Investment Summary
Investment
Date
Total Invested
Capital
Current
Ownership
Current Value
Current Gain
2021
$440.6M total /
including $436.1M (or
$8.65 per share) and
$4.5M (or $0.58 per
warrant)
$516.1M
•
$75.4M / 1.2x
0
CH
CANNAE
HOLDINGS, INC.
The business combination successfully
closed on 7/2/21
Cannae committed to invest $150M via a
Forward Purchase Agreement and an
additional $250M in connection with the
PIPE
Cannae also purchased $4.5M of private
placement warrants
50.4M shares (~10% ownership) and 8.0M warrants
On 7/1/21 Cannae purchased 4.2M
redeemed ALIT shares for $42M and as a
result received 1.5M founder shares from
Trasimene/Bilcar
Total invested capital of $440.6M
Gross market value of Cannae's investment
is $516.1M based on ALIT stock price of
$9.91 and warrant price of $2.08 as of
8/5/2021
Mark-to-market gain on investment is
currently $75.4M or 1.2x before taxes and
fees
CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 20View entire presentation