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Constellation Software buying Black Knight's Optimal Blue for US$700 million

TORONTO — Constellation Software Inc. says it has signed a deal to buy Black Knight Inc.'s Optimal Blue business for US$700 million. Under the deal, Constellation will pay US$200 million in cash and issue a US$500 million promissory note.
Canadian Press
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Lights on an internet switch are lit up as with users in an office in Ottawa, on February 10, 2011. Constellation Software Inc. says it has signed a deal to buy Black Knight Inc.'s Optimal Blue business for US$700 million. THE CANADIAN PRESS/Adrian Wyld

TORONTO — Constellation Software Inc. says it has signed a deal to buy Black Knight Inc.'s Optimal Blue business for US$700 million.

Under the deal, Constellation will pay US$200 million in cash and issue a US$500 million promissory note.

Intercontinental Exchange Inc. (ICE) and Black Knight announced the sale as part of their efforts to secure regulatory approval for ICE’s proposed acquisition of Black Knight.

Optimal Blue provides software and data services for the mortgage industry.

The agreement follows a deal announced in March that will see Constellation Software buy Black Knight's Empower loan origination system business.

The Optimal Blue deal is subject to the closing of ICE's deal to buy Black Knight, the closing of the Empower agreement and other customary closing conditions.

This report by The Canadian Press was first published July 17, 2023.

Companies in this story: (TSX:CSU)

The Canadian Press