Cannae holdings, inc. enters into an agreement to participate in a health care joint venture

Cannae holdings, inc. announced that it has entered into an agreement to participate in a health care joint venture with an investment vehicle advised by an affiliate of the carlyle group and another investor with deep health care services experience. the joint venture will focus on acquiring, integrating and operating synergistic health care services companies in the provider and payer space. cannae will contribute its t-system business to the joint venture and cannae’s joint venture partners will contribute equity capital to enable it to acquire other complementary health care services companies. as part of this effort, t-system has also entered into a definitive agreement to acquire a leading provider of coding and clinical documentation services to domestic health care providers which will be funded by the joint venture. at closing, it is anticipated that cannae will be a minority shareholder of the joint venture and have all of its t-system intercompany debt repaid, which totaled approximately $60 million as of september 30, 2019. the investment vehicle affiliated with the carlyle group will be the majority controlling shareholder of the joint venture. the closing of the foregoing transactions are expected to occur no later than the first quarter 2020, subject to the satisfaction of customary closing conditions.
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