- Intercontinental Exchange, Inc. ICE announced it strongly disagrees with, and will vigorously oppose Federal Trade Commission (FTC)’s challenge for the takeover of Black Knight, Inc. BKI.
- FTC sued Blocking ICE’s proposed acquisition of Black Knight, claiming the deal would drive up costs, reduce innovation and limit lenders’ choice of tools needed to generate and service mortgages.
- “This deal would reduce competition in key areas of the mortgage process, ultimately increasing costs for lenders and homebuyers. The FTC will step in when illegal mergers could threaten competition in such critical markets,” commented Patty Brink, assistant director of the Bureau of Competition.
- The commission’s vote to issue the administrative complaint was 4-0.
- ICE and Black Knight before announced an agreement Sale of Black Knight’s Empower Loan Origination System (LOS) business to a subsidiary of Constellation Software Inc. CNSWF in connection with efforts to obtain a merger clearance under the Hart-Scott Rodino Act.
- Price promotion: BKI shares closed down 2.61% at $59.42 and ICE down 2.45% at $100.10 on Thursday.
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