Summary
Intercontinental Exchange, Inc. (ICE) announced on May 1, 2019, its entry into an agreement to acquire Simplifile, LC for $335 million in cash. Simplifile specializes in the electronic processing, storage, transmission, and recording of mortgage and land records. This acquisition is a strategic move by ICE to expand its presence in the mortgage and real estate technology sector. The transaction is subject to customary closing conditions, including antitrust review under the Hart-Scott-Rodino Act, and is anticipated to close in the third quarter of 2019. The purchase price is subject to a working capital adjustment. This filing provides investors with early notification of a significant acquisition that could enhance ICE's service offerings and market position within its data and analytics segment.
Key Highlights
- 1ICE to acquire Simplifile, LC for $335 million in cash.
- 2Simplifile specializes in electronic processing and recording of mortgage and land records.
- 3Acquisition aims to expand ICE's offerings in the mortgage and real estate technology space.
- 4Transaction is subject to customary closing conditions, including antitrust approval.
- 5Expected closing date for the acquisition is the third quarter of 2019.
- 6Purchase price is subject to a customary working capital adjustment.