ICE to Acquire Black Knight for $13.1 Billion

May 5, 2022

Intercontinental Exchange Inc. (ICE) has entered into a definitive agreement to acquire Black Knight Inc. for $13.1 billion.

The transaction is expected to close in the first half of 2023, following the receipt of regulatory approvals, Black Knight stockholder approval and the satisfaction of customary closing conditions. The definitive agreement has been unanimously approved by the Boards of Directors of both companies.

ICE expects the deal to build upon its end-to-end electronic workflow solutions. The combination will result in improvements in the mortgage lending process for borrowers and lenders by increasing automation and efficiencies that lower the cost of obtaining a mortgage, while harnessing data that can help current homeowners lower their monthly payments and lessen the likelihood of default, according to ICE.

“Since our founding in 2000, ICE’s simple mission has been to make analog and opaque financial transactions more digital and transparent, beginning with commodity markets, extending across a large array of asset classes, and most recently working to help streamline the mortgage industry,” said Jeffrey C. Sprecher, founder, chair and CEO of ICE. “Black Knight shares our passion for leveraging technology to serve customers and households, and, with our expertise in operating networks and marketplaces, our planned acquisition will bring to life a true end-to-end solution for the mortgage manufacturing and servicing ecosystem, benefitting aspiring and current homeowners across the United States.”

In 2020, ICE agreed to buy mortgage-software firm Ellie Mae for about $11 billion. Earlier, the exchange company bought Simplifile.

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