Black Knight Rallies On Sale Of Its Unit Towards ICE's Proposed Acquisition Of Black Knight

(RTTNews) - Shares of Black Knight, Inc. (BKI), a software, data, and analytics solutions provider, are rising more than 13% Monday morning after announcing its decision to sell the company's Optimal Blue business to Constellation Software Inc. for $700 million.

The sale is in connection with the agreement between ICE and Black Knight to get regulatory nod for ICE's proposed acquisition of Black Knight.

The transaction includes $200 million in cash and a $500 million promissory note issued by Constellation to Black Knight, as a unit of Intercontinental Exchange, Inc. (ICE), at the closing of the merger of ICE and Black Knight.

BKI is at $69.64 currently. It has traded in the range of $53.15 - $69.84 in the last 1 year.