ICE lowers Black Knight valuation, says will litigate to save deal (updated)

Black Knight

07/03/2023 14:28

(Adds background on regulatory review)
       March 7 (Reuters) - Intercontinental Exchange Inc
 ICE.N  on Tuesday cut the valuation of the mortgage software
firm Black Knight  BKI.N  by nearly 11% to $11.7 billion and
said it would litigate with the Federal Trade Commission for the
deal approval if necessary. 
    Under the terms of the original deal that was announced last
year, the owner of New York Stock Exchange had valued Black
Knight at $13.1 billion. 
    ICE and Black Knight also said they would sell the mortgage
data vendor's Empower loan origination system business to a unit
of Canada's Constellation Software Inc  CSU.TO .
    The deal has come under scrutiny from the FTC amid concerns
from some U.S. lawmakers that the pricing power ICE would gain
in the mortgage data market could lead to higher costs for
consumers. 

 (Reporting by Niket Nishant in Bengaluru; Editing by Arun
Koyyur)
 ((Niket.Nishant@thomsonreuters.com;))