Constellation Software Inc. (TSX:CSU) announced on Monday that its Perseus operating group has agreed to acquire Optimal Blue, a business owned by IntercontinentalExchange (NYSE:ICE) subsidiary Black Knight Inc, for a total consideration of US$700 million.
Constellation said the US$700 million deal price will be comprised of US$200 million in cash and a US$500 million promissory note payable upon closing of the transaction.
Optimal Blue provides secondary market solutions and actionable data services.
The completion of the transaction is subject to the acquisition of Black Knight by Intercontinental Exchange, the owner of the New York Stock Exchange, as well as Constellation's acquisition of Black Knight's loan origination system business, Empower, which was announced earlier in March, according to the Wall Street Journal.
Constellation Software acquires, manages and builds vertical market software businesses that provide mission-critical software solutions.
Shares of Constellation Software nudged 0.3% higher on Monday in Toronto at C$2,705.53 apiece.
In New York, shares of IntercontinentalExchange (NYSE:ICE) had dropped just over 1% at US$116.30.
--Updates with share price--
Contact Sean at sean@proactiveinvestors.com