Intercontinental Exchange To Buy Majority Equity Interest In MERS

(RTTNews) - Intercontinental Exchange (ICE) announced that it will acquire a majority equity position in MERSCORP Holdings, Inc., owner of Mortgage Electronic Registrations Systems, Inc. collectively "MERS". In addition, ICE and MERS have entered into a software development agreement to modernize and enhance the MERS System. Price and terms of the transaction are immaterial to ICE, and were not disclosed.

The transaction is expected to close at the end of June. Under the agreements, ICE will rebuild the MERS System infrastructure and is expected to shift its operation to an ICE data center in the first half of 2018.

MERSCORP Holdings owns and operates the MERS System, a national electronic registry that tracks the changes in servicing rights and beneficial ownership interests in U.S.-based mortgage loans.