FTC asks for temporary halt to Intercontinental Exchange deal for Black Knight (updated)

Black Knight

10/04/2023 18:49

(Adds court where request was filed, background on fight)
       WASHINGTON, April 10 (Reuters) - The U.S. Federal Trade
Commission opened a new front in its fight against the
Intercontinental Exchange  ICE.N  deal to buy Black Knight
 BKI.N  by asking a federal court for a preliminary injunction
to halt the deal while its internal administrative process moves
forward.
    The agency on March 9 said it would seek to stop New York
Stock Exchange parent Intercontinental Exchange from acquiring
mortgage data vendor Black Knight in a $13.1 billion deal. 
    The agency said in its complaint, filed in U.S. district
court in San Francisco, that the companies planned to close
after a vote of Black Knight shareholders on April 28. The FTC's
administrative hearing on the deal will begin on July 12.
        The agency said the proposed transaction would mean
higher fees, less innovation and fewer choices in the process of
financing the purchase of a home. ICE said in a statement in
March that it would "vigorously oppose" the FTC action.
  

 (Reporting by Diane Bartz; Editing by Mark Porter)
 ((Diane.Bartz@thomsonreuters.com; 1 202 898 8313;))