Alight Says Cannae Sold 12 Million Company Shares Due to Liquidity Needs

Dow Jones12-05

By Sabela Ojea

Alight said Cannae Holdings sold a significant amount of its interest in the cloud-based human-technology and services provider to support its own liquidity needs.

Cannae on Tuesday sold 12 million Alight shares, Alight's Chairman William Foley said.

"This sale met that objective, and we do not have any expectations for additional sales of Alight shares for the foreseeable future," Foley said.

The stock sale comes as Cannae continues to operate without generating operating income, the executive added.

Overall in the third quarter, Cannae reported a net loss of 22 cents a share, compared with a loss of $2.18 a share for the same period a year earlier.

Revenue dropped to $113.9 million from $143.6 million previously.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

December 04, 2024 15:04 ET (20:04 GMT)

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