BKI - Black Knight Intercontinental agree to divest Empower amend merger terms

2023-03-07 09:27:14 ET

• Black Knight ( NYSE: BKI ) and Intercontinental Exchange ( NYSE: ICE ) on Tuesday amended the terms of their proposed merger and have agreed to sell Black Knight's Empower loan origination system business to Constellation Software ( OTCPK:CNSWF )..
• ICE and Black Knight ( BKI ) entered into the divestiture agreement in connection with their efforts to get regulatory clearance for ICE's proposed acquisition of Black Knight under the Hart-Scott-Rodino Act.
• The divestiture transaction is subject to ICE's acquisition of Black Knight ( BKI ) closing. The amended merger agreement terms value Black Knight at $75 per share, or a market value of $11.7B, with the consideration a mix of ~$68 per share in cash and stock with an exchange ratio of 0.0682.
• The proposed acquisition, originally signed in May 2022, had valued BKI at $85 per share , consisting of a mix of 80% cash and 20% stock.
• ICE's ( ICE ) proposed acquisition remains under review by the Federal Trade Commission. On Monday, Black Knight ( BKI ) stock slipped after Bloomberg reported that the FTC is expected to file a lawsuit to challenge the deal.
• Black Knight ( BKI ) shares rose 3.3% in Tuesday premarket trading, Intercontinental Exchange ( ICE ) stock gained 1.7% .

For further details see: