off-the-wire

FTC asks for temporary halt to Intercontinental Exchange deal for Black Knight

Kitco Media
By Reuters
Published:
Updated:
Reuters

WASHINGTON, April 10 (Reuters) - The U.S. Federal Trade Commission opened a new front in its fight against the Intercontinental Exchange (ICE.N) deal to buy Black Knight (BKI.N) by asking a federal court for a preliminary injunction to halt the deal while its internal administrative process moves forward.

The agency on March 9 said it would seek to stop New York Stock Exchange parent Intercontinental Exchange from acquiring mortgage data vendor Black Knight in a $13.1 billion deal.

The agency said in its complaint, filed in U.S. district court in San Francisco, that the companies planned to close after a vote of Black Knight shareholders on April 28. The FTC's administrative hearing on the deal will begin on July 12.

The agency said the proposed transaction would mean higher fees, less innovation and fewer choices in the process of financing the purchase of a home. ICE said in a statement in March that it would "vigorously oppose" the FTC action.

Reporting by Diane Bartz; Editing by Mark Porter
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