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The Intercontinental Exchange will buy mortgage firm Black Knight for $ 13.1 billion

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ICE is the parent company of the New York Stock Exchange.


Photo:

Mary Altafer / Associated Press

Intercontinental exchange Inc.,

ICE -4.04%

the parent company of the New York Stock Exchange agreed to buy the mortgage firm

The Black Knight Inc.

BKI 14.47%

in a cash and stock deal worth $ 13.1 billion, intensifying its participation in the U.S. mortgage market.

The exchange operator, known as ICE for Reduction and Black Knight, confirmed the deal in a joint press release on Wednesday. The release came after Bloomberg reported earlier in the afternoon that ICE was considering a deal to acquire Black Knight.

The deal was approved by the boards of both companies and is expected to close in the first half of next year subject to regulatory approval and other normal closing conditions, the companies said.

Following this news, Black Knight shares rose 14.5%, while ICE shares fell 4%.

ICE of Atlanta is best known as an operator of exchanges, clearing houses and other financial market infrastructure.

In recent years, it has evolved into housing, relying on the growing digitality of the mortgage market.

In 2020 ICE agreed to buy mortgage software firm Ellie Mae for about $ 11 billion. Earlier, the stock company bought Simplifile, a company that facilitates electronic processing of mortgage records, and the parent company Mortgage Electronic Registrations Systems, a national electronic registry for tracking service rights and ownership of mortgages in the United States.

Black Knight, based in Jacksonville, Florida, creates software, data and analytics for the real estate and housing finance markets.

Write Alexander Osipovich alexander.osipovich@dowjones.com

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Appeared in the May 5, 2022 print edition as “ICE will buy the firm’s mortgage data for $ 13.1 billion.”

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