Mr. Jamal Baksh reports
CONSTELLATION SOFTWARE'S PERSEUS GROUP ENTERS INTO AGREEMENT TO ACQUIRE BLACK KNIGHT'S OPTIMAL BLUE BUSINESS
Constellation Software Inc.'s Perseus operating group has entered into a binding commitment with Intercontinental Exchange Inc. and Black Knight Inc. to acquire Black Knight's Optimal Blue business.
Under terms of the agreement, Constellation will acquire Black Knight's Optimal Blue business for $700-million (U.S.). The structure of the proposed transaction includes a payment by Constellation of $200-million (U.S.) in cash, with the remainder financed by a $500-million (U.S.) promissory note issued by Constellation to Black Knight, as a subsidiary of ICE, at the closing of the transaction.
Completion of this transaction is subject to the closing of ICE's acquisition of Black Knight, the closing of Constellation's acquisition of Black Knight's Empower loan origination system (LOS) business entered into earlier this year in March, and other customary closing conditions.
About Perseus
The Perseus operating group is an operating group of Constellation. Perseus acquires and invests in software businesses that are committed to providing long-term solutions and life-long partnerships to customers.
About Constellation
Software Inc.
Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions.
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