Intercontinental Exchange Inc. and Black Knight Inc. are reportedly making progress toward settling theFederal Trade Commission's acquisition challenge. A joint stipulation dismisses the court complaint, clearing the way for potential resolution, according to an Aug. 7 Black Knight release.
"The joint stipulation dismisses the federal court complaint and dissolves the temporary restraining order that was previously in place, allowing ICE, Black Knight and the FTC to continue working toward a final settlement agreement resolving the FTC’s challenge to the acquisition," the release noted.
Intercontinental Exchange, a Fortune 500 company renowned for designing, building and operating digital networks to connect people to opportunities, is pursuing the acquisition of Black Knight, the release reported. Black Knight is a leading software, data and analytics company driving innovation in the mortgage lending, servicing and real estate industries.
Black Knight has been actively engaged in discussions to facilitate the acquisition process, according to the release.
To facilitate a smooth resolution, Intercontinental Exchange and Black Knight entered into a timing agreement with the FTC staff, the release noted. This agreement specifies Intercontinental Exchange's acquisition of Black Knight cannot be finalized before 11:59 p.m. EDT on the tenth calendar day after the signing of an Agreement Containing Consent Order (ACCO) for submission to the FTC.
The timing agreement sets specific deadlines and milestones for reaching a mutually acceptable ACCO by Aug. 25, subject to possible extensions under certain circumstances, the release reported. Should the parties fail to sign an ACCO by the stipulated date, any party may unilaterally terminate the agreement by providing three calendar days' written notice to all other parties involved.
The joint stipulation and the subsequent timing agreement are indicative of the commitment displayed by Intercontinental Exchange, Black Knight and the FTC to ensure a transparent and fair process for the acquisition, the release said. By allowing sufficient time for discussions and negotiations, the involved parties aim to address any regulatory concerns and lay the groundwork for a successful and mutually beneficial deal.
