Intercontinental Exchange Inc. said Sept. 5 it completed its acquisition of Jacksonville-based mortgage technology company Black Knight Inc.
The companies announced a merger agreement in May 2022 but the deal was held up by Federal Trade Commission antitrust concerns that the deal would give ICE too much control over the U.S. mortgage technology market.
ICE is best known as operator of the New York Stock Exchange but it also has a large mortgage technology subsidiary.
The FTC finally approved the deal on Aug. 28 after the companies agreed to sell two subsidiaries of Black Knight.
The companies agreed to revised terms of the merger in March that estimated ICE would pay $75 per Black Knight share in cash and stock, a total of $11.7 billion.
The final value of the deal, based on ICE’s stock price in the days leading up to the closing, was $75.867 a share, or $11.9 billion.
Black Knight’s main business of processing loans for mortgage lenders traces its roots back 60 years to a Jacksonville company called Computer Power Inc.
The company dominates that market, providing processing for nearly two-thirds of all U.S. first mortgage loans.
ICE has said it plans to maintain those Black Knight operations in Jacksonville after the merger.