United States based technology company operating global exchanges, clearing houses and providing mortgage technology and listing services Intercontinental Exchange Inc. (NYSE: ICE) is set to acquire mortgage-lending software and data analytics company Black Knight (NYSE: BKI) in a deal worth $13.1 billion.
The acquisition deal will be a cash-and-stock one which will be valuing the company’s stock at $85 per share representing a share premium of about 34%. The deal will leave Black Knight with a market valuation of around $16 billion.
ICE has been making strategic acquisitions to support its mortgage servicing business as it counts on a windfall from the automation of the home financing process. Bothe ICE and Black Knight expect this deal to be closed by the first half of 2023.
Back in 2020, ICE acquired cloud-based platform that supports all aspects of mortgage origination Ellie Mae for $11 billion. This came less than a year after ICE had purchased Simplifile in a $335 million deal.
About two months ago, the President of ICE, Benjamin Jackson, revealed that their data, technology and network expertise puts the company in an advantaged position to accelerate analog to digital conversion taking place across the mortgage industry.