The US Federal Trade Commission is seeking a preliminary injunction to pause the Intercontinental Exchange’s acquisition of Black Knight, as it continues its internal administrative process.
On March 9th, the agency announced its intention to prevent the acquisition of Black Knight by Intercontinental Exchange in a $13.1 billion deal.
Read more: FTC Challenges ICE’s $13.1 Billion Black Knight Buy
The agency filed a complaint in US district court in San Francisco, stating that the companies intended to shut down following a shareholder vote on April 28. An administrative hearing by the FTC regarding the deal is set to commence on July 12.
The agency stated that the proposed transaction would result in increased fees, decreased innovation, and limited options for financing home purchases. In March, ICE released a statement indicating their intention to strongly oppose the FTC’s action.
