By Ketki Saxena
Investing.com -- Constellation Software (TSX:CSU) Inc. has confirmed its US$700 million planned acquisition of Optimal Blue, a business under Black Knight Inc.
As per the specifics of this acquisition, Constellation will be settling US$200 million via cash transactions and fulfill the remaining amount through issuing a promissory note worth US$500 million. This deal marks an important milestone in consolidating their presence within software and data services specific to mortgages.
This announcement comes as part of Intercontinental Exchange Inc.'s (ICE (NYSE:ICE)) and Black Knight's concerted efforts toward securing regulatory approval for ICE’s proposed buyout of Black Knight.
The finalization is subject to certain conditions including closing deals with both ICE and Empower alongside other standard procedures involved during such acquisitions.
This isn't Constellation's first collaboration with Black Knight.
Earlier this year, Constellation had announced another agreement which involves buying out Empower -Black Knight's loan origination system business.