By Alexander Osipovich

Intercontinental Exchange Inc., the owner of the New York Stock Exchange, said it would acquire mortgage-software firm Ellie Mae, a landmark bet by the exchange giant on the digitization of the U.S. mortgage industry.

The deal with private-equity firm Thoma Bravo values Ellie Mae at $11 billion, including debt.

Atlanta-based ICE, as the exchange operator is known, is funding 84% of the deal's price tag with cash, and the rest with newly issued stock. The deal is expected to close in the third or fourth quarter of 2020, pending regulatory approval, it said.

(More to Come)

(END) Dow Jones Newswires

August 06, 2020 16:36 ET (20:36 GMT)

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