Cannae Holdings (CNNE) said Monday that it plans to use at least $460 million from the proceeds of the sale of its investment, Dun & Bradstreet (DNB), to buy back shares of its common stock, as well as to pay future dividends and retire existing debt.
Cannae said it expects to repurchase at least $300 million of its common stock, including a buyback through a tender offer shortly after the closing of the deal, which represents $632 million in expected cash proceeds to the company.
Cannae said it plans to retain $60 million of the proceeds to cover future quarterly dividends to shareholders, while also repaying the entire $101 million outstanding under its existing margin loan.
On Monday, private equity firm Clearlake Capital Group said it has agreed to acquire data provider Dun & Bradstreet in a deal valued at $7.7 billion. The deal is slated to be completed in Q3, Cannae said.
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