Intercontinental Exchange to Buy Mortgage-Data Company Black Knight for $13.1 Billion

ICE is the parent company of the New York Stock Exchange.


Mary Altaffer / Associated Press

Transcontinental Exchange Inc.,

ICE -4.04%

parent company of the New York Stock Exchange, has agreed to buy the mortgage data company

black Knight Inc.

BKI 14.47%

in a $13.1 billion cash-and-stock deal, boosting its involvement in the U.S. mortgage market.

The exchange operator, known as ICE and Black Knight for short, confirmed the agreement in a joint press release on Wednesday. The release comes after Bloomberg reported earlier in the afternoon that ICE was considering a deal to acquire Black Knight.

The deal has been approved by the boards of both companies and is expected to close in the first half of next year, subject to regulatory approval and other usual closing conditions. the company said.

Shares of Black Knight rose 14.5% on the news, while shares of ICE fell 4%.

Atlanta-based ICE is best known as the operator of exchanges, clearinghouses, and other financial markets infrastructure.

In recent years, it has moved into the housing sector due to bets on the growing digitization of the mortgage market.

In 2020, ICE has agreed to buy Mortgage software company Ellie Mae for about $11 billion. The exchange previously purchased Simplifile, a company that assists in the electronic processing of mortgage applications, and the parent company of the Electronic Mortgage Registry, a national electronic registry to follow. track title rights and interests in U.S. mortgage loans.

Black Knight, based in Jacksonville, Fla., creates software, data, and analytics for the real estate and housing financial markets.

Write letter for Alexander Osipovich at [email protected]

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Appears on May 5, 2022, print edition as ‘ICE buys mortgage data company for $13.1 billion’.

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