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Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On June 29, 2026, Cannae completed the Exeter Acquisition. Total consideration transferred included $1 to purchase the equity of Exeter and $9.6 million to settle an outstanding loan of Exeter which was required to be paid as a result of our acquisition. Black Knight Rugby and Exeter also entered into an intercompany loan agreement of $26.0 million (the "Intercompany Loan"), which was funded at close of the Exeter Acquisition. Exeter used the proceeds from the Intercompany Loan to pay existing liabilities, including the settlement of the $9.6 million loan included in consideration transferred, and retained the remaining balance on its balance sheet. The Intercompany Loan eliminates upon consolidation in accordance with
ASC 810, Consolidation. The Exeter Acquisition reflects the Company's continued strategy of concentrating its portfolio on sports and entertainment-related assets.
The acquisition was accounted for as a business combination pursuant to ASC 805, Business Combinations. Because Exeter's financial information is not expected to be available to the Company on a timely basis consistent with the Company's reporting timetable, the Company will consolidate Exeter using a reporting lag of three months, as permitted by ASC 810-10-45-12. Based on the timing of the Exeter Acquisition, our Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026 does not include any activity for Exeter. The activity for Exeter will be included in the Company's Consolidated Statement of Operations for the year ended December 31, 2026 when it will include Exeter's results of operations for the three months ended September 30, 2026. The Company will give recognition, through disclosure or adjustment, to the intervening events or transactions between Exeter's most recent available financial information and the Company's period end that materially affect the Company's consolidated financial position or results of operations.
The purchase price allocation for the Exeter Acquisition is preliminary and subject to change as the Company obtains additional information necessary to finalize the valuation of assets acquired and liabilities assumed, including property and equipment (most notably Exeter's Sandy Park stadium), investment in Premiership Rugby Limited ("PRL"), tradenames and other assets and liabilities. The Company expects to finalize its purchase price allocation within one year from the acquisition date as required by ASC 805.
The following table summarizes the preliminary fair value allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date:
Fair Value
(In millions)
Property and equipment, net$20.7 
Investment in Premiership Rugby Limited21.1 
Other intangible assets, net0.7 
Other assets3.7 
Total assets acquired$46.2 
Deferred revenue$9.3 
Deferred tax liability1.9 
Debt17.0 
Other liabilities8.4 
Total liabilities assumed$36.6 
Net assets acquired$9.6 
The gross carrying value and weighted average estimated useful lives of Property and equipment and Other intangible assets acquired consists of the following:
Gross Carrying ValueWeighted Average Estimated Useful Life
(In millions)(In years)
Property and equipment, net$20.7 49
Other intangible assets, net (tradenames and trademarks)0.7 20
Exeter's results of operations were not material to the Company's Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026, and accordingly, pro forma financial information have not been presented.
Exeter is included in the Corporate and other segment.
See Note G - Notes Payable for further discussion of the Exeter debt.