Black Knight selling TitlePoint to former parent FNF
Fidelity National Financial is exercising its option to purchase TitlePoint from Black Knight for $225 million in cash, both companies announced.
Black Knight was created in January 2014 following FNF’s purchase of Lender Processing Services and went public in May 2015. In October 2017, Fidelity National Financial’s stake in Black Knight was distributed to BK’s shareholders.
The deal stems from those 2014 agreements, where Black Knight granted FNF a right to repurchase the entity that previously held the TitlePoint business in the event of a change in control. That option was triggered when Black Knight agreed to be acquired by Intercontinental Exchange.
However, TitlePoint’s sale is not conditioned on the completion of the ICE-Black Knight deal, which is undergoing regulatory scrutiny as it unites the largest loan origination system with its next largest competitor and the industry’s largest servicing platform.
TitlePoint is part of Black Knight’s Data & Analytics segment, and is used for searches for detailed property information, images of documents and maps from hundreds of counties across the U.S.
“This transaction enables us to focus our investments in our mortgage-specific software and our core data and analytics capabilities, while also reducing our revenues that are sensitive to origination volumes,” said Joe Nackashi, Black Knight’s CEO, in a press release.
The deal is subject to customary closing conditions and is expected to close in December 2022.
“The acquisition of TitlePoint is just one more way FNF is investing in, expanding, and integrating property data, images, and search technology into FNF’s existing assets,” said Mike Nolan, CEO of Fidelity National Financial, in its own press release. “Combined with other FNF digital technologies, this acquisition improves productivity and automation and streamlines the manufacturing of title plant information across our industry leading footprint.”
Published at Fri, 18 Nov 2022 17:09:54 -0600
By associationofequipmentmanufacturers on 2022-11-18 15:45:31