By Adriano Marchese

Black Knight shares were higher Monday morning after Canadian software company Constellation Software said it would buy its secondary market solutions and actionable data services business for $700 million.

At 9:57 a.m. ET, shares were trading nearly 14% higher in New York at $69.58.

Constellation Software said its Perseus operating group has entered into a binding commitment with Black Knight and Intercontinental Exchange to acquire Optimal Blue.

The sale of the unit follows an earlier acquisition by Constellation of Black Knight's loan-origination system business, Empower, which was announced in March.

The sale of Empower was largely to win clearance for the acquisition of Black Knight by Intercontinental to go through.

The U.S. Federal Trade Commission voted in March to sue to block Intercontinental Exchange from completing its $11.7 billion acquisition of mortgage software provider Black Knight on the grounds that competition in the space would be reduced.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

July 17, 2023 10:16 ET (14:16 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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