US FTC says it secures settlement with ICE and Black Knight (updated)

Black Knight

31/08/2023 20:16

(Adds details of settlement, quote paragraphs 3-6)
       Aug 31 (Reuters) - The U.S. Federal Trade Commission on
Thursday said it had secured a settlement resolving antitrust
concerns over NYSE-owner Intercontinental Exchange's  ICE.N 
proposed purchase of data vendor Black Knight  BKI.N .
    The FTC had initially expressed concern that the $11.7
billion deal, which combines the two top mortgage technology
providers, would drive up costs, reduce innovation and limit
lenders' choices.
    "To address these concerns, the Commission's order provides
structural relief and a variety of tools to preserve competition
in these critical markets," Henry Liu, director of the FTC's
Bureau of Competition, said in a statement. 
        The settlement ensures Black Knight's divestiture of 
Empower and Optimal Blue, two businesses that provide services
in the mortgage origination process, the FTC said.
  
        The two will be taken over by Constellation Software Inc
 CSU.TO  unit Constellation Web Solutions Inc.
  
        The FTC initially launched a lawsuit against the
proposed deal but this month moved to 
    drop it
     as the sides tried to negotiate a settlement. 
  

 (Reporting by Jasper Ward and David Ljunggren, editing by Chris
Reese and Cynthia Osterman)
 ((david.ljunggren@tr.com; +1 647 480 7891;))