Black Knight jumps on deal to sell unit to ease antitrust concerns

Constellation Software

17/07/2023 14:22

** Shares of mortgage data vendor Black Knight  BKI.N  up
~13.6% at $69.60 premarket
    ** Company says it has agreed to sell its Optimal Blue
business to a subsidiary of Constellation Software  CSU.TO , in
an attempt to ease antitrust concerns over a proposed buyout of
BKI by Intercontinental Exchange  ICE.N 
    ** In April, U.S. FTC had asked a federal court for a
preliminary injunction to halt NYSE-owner ICE's $11.7 bln deal
while its internal administrative process moves forward
    ** In March, BKI had sold its Empower loan origination
system unit to quell antitrust concerns, but said it would take
the battle to court to save the deal, if necessary
    ** Shares of ICE down 0.4% in premarket trading on Monday
    ** As of last close, Black Knight shares down 0.8% YTD; ICE
up 14.5% over the same period
    

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))