June 09, 2022 | Technology | North America | Ended

Black Knight / ICE: Deal Insights

On 4-May-22, NYSE owner Intercontinental Exchange (“ICE”) announced that it entered into a definitive agreement to buy mortgage software provider, Black Knight, in a cash and stock deal valued at $13.1bn. Black Knight shareholders can elect for the consideration either in cash or in stock, and the election will be subject to proration such that the cash consideration will total $10.505bn. The stock portion represents around 20% of the total consideration, and we assume the default to non-electing shareholders: $68 + 0.1440 ICE US. Of note, the calculation for the all-cash consideration is $68.00 + the value of 0.1440 ICE US x the 10 consecutive trading-day average VWAP of ICE on the NYSE, ending three trading days prior to closing. With ICE shares -11.6% since the definitive announcement, the mixed and all-stock offers are now worth...

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