ICE Deal for Black Knight to Proceed As FTC Drops Challenge
- Black Knight to sell two software products to Constellation
- Companies said they plan to close the deal by Sept. 5
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Intercontinental Exchange Inc. can move forward with its takeover of Black Knight Inc. after the US Federal Trade Commission accepted a binding settlement that will see key mortgage software products sold to rival Constellation Software Inc.
FTC commissioners voted to accept the settlement Thursday, the agency said in a release. Under the agreement, the companies will divest Black Knight’s Empower loan origination software and its Optimal Blue business to Toronto-based Constellation. Optimal Blue is the most widely used software for identifying and securing loan rates, used by lender for about 40% of the residential mortgages originated in the US each year, the FTC said.