By Will Feuer

 

Intercontinental Exchange and Black Knight said the U.S. Federal Trade Commission has agreed to support the dismissal of the preliminary injunction seeking to block the two companies' merger.

The companies said they will continue working toward a final settlement that resolves the FTC's challenge to the deal, which was struck in May of 2022.

Shares of ICE fell 2% to $111.70 in premarket trading while Black Knight stock rose 4.5%.

The FTC voted in March to sue to block ICE from completing its $11.7 billion acquisition of mortgage-software provider Black Knight on the grounds that competition in the space would be reduced.

Last month, Black Knight agreed to sell its secondary market solutions and actionable data services business for $700 million to Canadian software company Constellation Software. That sale followed an earlier deal Black Knight struck to sell its loan-origination system business, Empower, to Constellation.

Both deals, ICE and Black Knight said, were related to the two companies' efforts to close their merger agreement.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

August 07, 2023 08:11 ET (12:11 GMT)

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