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The Institutional Risk Analyst

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Does ICE + Black Knight = Shareholder Value?

May 10, 2022 | Premium Service | Just as the financial markets selloff gained momentum last week, the folks at New York Stock Exchange-parent Intercontinental Exchange (ICE) announced that they will acquire mortgage software and data monopoly Black Knight (BKI). The deal values the software and data analytics firm at $13.1 billion.

This price is a bit of a bump from the $1.8 billion valuation in May of 2015, when BKI was spun-out from title insurance giant Fidelity National Information Service (FIS). The equity market value of BKI peaked at $15 billion in October of 2020 and has been sliding ever since. When Mr. Cooper (COOP) announced its strategic relationship with Sagent M&C in February 2022, BKI’s valuation fell by $1.5 billion in a matter of days. ICE is catching the falling knife of Black Knight.

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