NYSE-owner Intercontinental Exchange has reached an agreement to acquire Black Knight. The cash and stock transaction values Black Knight at $85 per share, or $13.1 billion.
The definitive agreement has been unanimously approved by the boards of both companies.
“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,” ICE founder, Chair and CEO Jeffrey C. Sprecher said. “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.”
“Black Knight has been on a successful journey to transform the mortgage industry by providing our clients with powerful, interconnected solutions that help them achieve greater efficiency and better serve their customers,” Anthony Jabbour, Black Knight chairman and CEO, said. “We believe this combination is the right next step in that journey. Black Knight and ICE share a common vision and commitment to deliver a better experience for our clients and the stakeholders we serve, and to ultimately streamline the homeownership process. By combining our expertise, we can deliver significant benefits to our clients and consumers by improving and streamlining the process of finding a home, as well as obtaining and managing a mortgage.”
The transaction is anticipated to close in the first half of 2023, pending final regulatory approvals, Black Knight stockholder approval, and the satisfaction of customary closing conditions.