Mortgage data vendor Black Knight Inc has decided to put its Empower loan origination software business up for sale in an effort to overcome U.S. antitrust concerns over its $13.1 billion proposed acquisition by Intercontinental Exchange Inc , people familiar with the matter said.
to help it explore a sale of Empower and has been soliciting the interest of potential buyers including private equity firms, the sources said. ICE provided its consent to Black Knight going ahead with the move, the sources added.It could not be learned if Black Knight is carrying out the sale process for Empower in co-ordination with the FTC.
It is unclear whether a divestment of Empower would be sufficient to allay any FTC antitrust concerns. Holly Vedova, director of the FTC's Bureau of Competition, said in a speech last week, without addressing the Black Knight deal specifically, that the agency was not inclined to approve mergers on the basis of divestitures.
Empower would account for only a small slice of ICE's potential mortgage origination software capacity. However, Empower and ICE's Encompass unit are the top two vendors for loan origination software, jointly controlling upwards of 60% of the market, according to the Community Home Lenders Association, an industry group which has lobbied against the Black Knight deal.
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