Black Knight Shares Rise 14% on Optimal Blue Unit Sale to Constellation for $700 Million
July 17 2023 - 10:31AM
Dow Jones News
By Adriano Marchese
Black Knight shares were higher Monday morning after Canadian
software company Constellation Software said it would buy its
secondary market solutions and actionable data services business
for $700 million.
At 9:57 a.m. ET, shares were trading nearly 14% higher in New
York at $69.58.
Constellation Software said its Perseus operating group has
entered into a binding commitment with Black Knight and
Intercontinental Exchange to acquire Optimal Blue.
The sale of the unit follows an earlier acquisition by
Constellation of Black Knight's loan-origination system business,
Empower, which was announced in March.
The sale of Empower was largely to win clearance for the
acquisition of Black Knight by Intercontinental to go through.
The U.S. Federal Trade Commission voted in March to sue to block
Intercontinental Exchange from completing its $11.7 billion
acquisition of mortgage software provider Black Knight on the
grounds that competition in the space would be reduced.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 17, 2023 10:16 ET (14:16 GMT)
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