Intercontinental Exchange Inc. (NYSE: ICE) stated its $11.7 billion acquisition of Black Knight Inc. (NYSE: BKI) that was first announced 16 months ago will take place on Sept. 5 after the companies reached an agreement with the U.S. Federal Trade Commission regarding the transaction.
The companies added that the previously announced divestitures of Black Knight’s Empower and Optimal Blue businesses to subsidiaries of Constellation Software Inc. would occur within 20 days after the acquisition is completed.
The deal was delayed when the companies faced a federal lawsuit from the FTC, which initially claimed that the combined entity would be too much of a dominant force within the mortgage technology sector. The FTC dropped its opposition to the acquisition on Aug. 7 after the sales of the Empower and Optimal Blue businesses were announced.
Black Knight informed its stockholders they had until Sept. 1 to decide if they want to receive cash or ICE stock in exchange for their shares.