Intercontinental Exchange Inc., a provider of data, technology and market infrastructure, says it will oppose the Federal Trade Commission’s (FTC) challenge to ICE’s previously announced acquisition of Black Knight Inc.
ICE has outlined its vision for a more equitable housing finance system fraught with inefficiencies, cybersecurity vulnerabilities and unnecessary delay, and says that robust digitization of the system is required to lower costs. The deal between ICE and Black Knight, intended to automate, streamline and increase transparency in the mortgage industry, will help achieve that vision, says ICE.
Although ICE believes that acquiring Black Knight is procompetitive, ICE and Black Knight previously announced an agreement to sell Black Knight’s Empower loan origination system business (including its Exchange, LendingSpace and AIVA solutions) to a subsidiary of Constellation Software Inc. to secure clearance of ICE’s proposed acquisition of Black Knight under the Hart-Scott Rodino-Act. The FTC’s attempt to block the combination is without merit and will delay progress in the industry, says ICE.
“We are disappointed that the FTC filed litigation to prevent ICE from closing our acquisition of Black Knight,” says Tim Bowler, president of ICE Mortgage Technology. “The proposed acquisition can bring to life a true end-to-end solution for the mortgage industry, benefitting aspiring and current homeowners across the United States.”