ICE, Black Knight Reach Deal With FTC to Dismiss Injunction
August 07 2023 - 8:26AM
Dow Jones News
By Will Feuer
Intercontinental Exchange and Black Knight said the U.S. Federal
Trade Commission has agreed to support the dismissal of the
preliminary injunction seeking to block the two companies'
merger.
The companies said they will continue working toward a final
settlement that resolves the FTC's challenge to the deal, which was
struck in May of 2022.
Shares of ICE fell 2% to $111.70 in premarket trading while
Black Knight stock rose 4.5%.
The FTC voted in March to sue to block ICE from completing its
$11.7 billion acquisition of mortgage-software provider Black
Knight on the grounds that competition in the space would be
reduced.
Last month, Black Knight agreed to sell its secondary market
solutions and actionable data services business for $700 million to
Canadian software company Constellation Software. That sale
followed an earlier deal Black Knight struck to sell its
loan-origination system business, Empower, to Constellation.
Both deals, ICE and Black Knight said, were related to the two
companies' efforts to close their merger agreement.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
August 07, 2023 08:11 ET (12:11 GMT)
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