8-KOther EventsExhibits & Filings

Intercontinental Exchange, Inc. 8-K Report, Corporate Update (May 1, 2019)

Filed May 1, 2019For Securities:ICE

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.

Frequently Asked Questions

Simplifile provides electronic processing, storage, transmission, and recording services for mortgage and land documents. ICE is acquiring Simplifile to bolster its capabilities and market presence in the mortgage and real estate technology sector, potentially offering more integrated solutions for its clients.

The purchase price for Simplifile is $335 million in cash, subject to a customary adjustment based on Simplifile's working capital at the time of closing.

The transaction is expected to close in the third quarter of 2019, subject to the satisfaction of all customary closing conditions, including regulatory approvals.

The primary condition mentioned is the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, indicating antitrust review is a key step. Other customary closing conditions also apply.