D&B’s $7.7 Billion Sale Sparks Lawsuit Against Cannae, Foley

Billionaire Bill Foley engineered a $7.7 billion “fire sale” of Dun & Bradstreet Corp. in an effort to fend off activist investors by infusing his own beleaguered holding company with cash, an unsealed lawsuit says.

A pension fund is suing Foley and his investment conglomerate Cannae Holdings Inc., a major D&B investor before the deal. Foley, chairman of the D&B board, was driven by mounting activist pressure when he orchestrated the venerable data firm’s cash-out to Clearlake Capital Group LP, the suit says.

Foley, who owns the NHL’s Las Vegas Knights and the English Premier League’s AFC Bournemouth, ...