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FTC Dismisses Challenge To Black Knight-ICE Merger

Christine Stuart
Aug 07, 2023

The move follows Black Knight's agreement to divest two units; comes amid ICE's continued expansion in mortgage tech market.

Intercontinental Exchange, Inc. and Black Knight have overcome a significant regulatory obstacle announcing Monday that the Federal Trade Commission will dismiss its challenge to the merger. 

The joint stipulation dismisses the federal court complaint and dissolves the temporary restraining order that was previously in place.

In March, the FTC threatened to intervene in the exchange owner's purchase of Black Knight. This followed warnings from some American lawmakers who feared that ICE's increased control over the mortgage data market might result in consumers facing higher costs. In a bid to grow beyond its central exchanges operations, ICE has recently sealed several acquisitions, including an $11 billion purchase of mortgage technology platform Ellie Mae in 2020 and a $335 million acquisition of Simplifile a year earlier.

Black Knight made concessions by agreeing to divest two of its divisions, including its Empower LOS, to alleviate the FTC's apprehensions, but expressed a readiness to take legal action to preserve the deal if needed. The entities involved now aim to reach agreeable terms by Aug. 25.

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