Cannae Holdings (NYSE: CNNE) has agreed to sell its 87% ownership interest in Brasada Ranch, a destination resort in Powell Butte, Oregon, to a company owned by William P. Foley, II, Cannae's Vice Chairman, in exchange for the termination of Foley's put right.

The transaction values Brasada Ranch at an estimated enterprise value of $40 million, which includes the assumption of approximately $17 million in debt by the buyer. Cannae said the deal is expected to free up at least $47 million of capital for redeployment or return to shareholders.

Cannae has held its stake in Brasada Ranch for over 10 years and received $13.5 million in distributions over that period, which the company said fully recovered its original investment. The company noted that distributions slowed in recent years as the resort entered a development phase requiring significant capital expenditure.

The transaction was unanimously approved by Cannae's Related Person Transaction Committee and its Board of Directors. Foley did not participate in deliberations and did not vote on the transaction.

"We heard our shareholders that non-core assets should be monetized and the put right should be eliminated," said Douglas K. Ammerman, Chairman of Cannae Holdings. "This transaction delivers on both counts while furthering Cannae's long term strategy."

Cannae said the sale supports its strategy of repositioning its portfolio toward sports and entertainment-related assets. Chief Executive Ryan R. Caswell said the board had reviewed the portfolio and determined the current timing was appropriate to exit the Brasada investment.

The transaction is expected to close on or before July 15, 2026, subject to certain closing conditions.