JACKSONVILLE, Fla., Nov. 18,
2022 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:
BKI) announced that it has agreed to sell its TitlePoint line of
business to Fidelity National Financial, Inc. (NYSE: FNF) for
$225 million in cash.
TitlePoint, which is part of Black Knight's Data & Analytics
segment, enables searches for detailed property information, images
of documents and maps from hundreds of counties across the U.S.
that help title insurance underwriters, title agents and closing
attorneys quickly compile title search packages to support the safe
transfer and financing of real property. Since acquiring the
business in 2014, Black Knight has continually enhanced and
advanced the technological capabilities and coverage of
TitlePoint.
In connection with the contribution of Property Insight, LLC,
which included TitlePoint, by affiliates of Fidelity National
Financial, Inc. ("FNF") to an affiliate of Black Knight, pursuant
to an agreement entered into among affiliates of Black Knight and
FNF in 2014, Black Knight had previously granted FNF a right to
repurchase the entity that previously held the TitlePoint business
in the event of a change in control of Black Knight. In connection
with the pending acquisition of Black Knight by Intercontinental
Exchange, Inc. ("ICE"), FNF notified Black Knight of its desire to
repurchase TitlePoint. The sale of TitlePoint is not conditioned on
the completion of ICE's acquisition of Black Knight.
"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, chief executive officer of Black Knight.
The transaction is subject to customary closing conditions and
is expected to close in December
2022.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data
and analytics company that drives innovation in the mortgage
lending and servicing and real estate industries, as well as the
capital and secondary markets. Businesses leverage our robust,
integrated solutions across the entire homeownership life cycle to
help retain existing customers, gain new customers, mitigate risk
and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products
and our unwavering commitment to delivering superior client support
to achieve their strategic goals and better serve their customers.
For more information on Black Knight, please visit
www.blackknightinc.com.
Media
contacts:
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Michelle
Kersch
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Mitch Cohen
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Black Knight,
Inc.
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Black Knight,
Inc.
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904.854.5043
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704.890.8158
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michelle.kersch@bkfs.com
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mitch.cohen@bkfs.com
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Investor
contact:
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Steve
Eagerton
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Black Knight,
Inc.
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904.854.3683
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steven.eagerton@bkfs.com
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Forward-Looking
Statements
This communication contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Rule 175 promulgated thereunder, and Section 21E of
the Securities Exchange Act of 1934, as amended, and Rule
3b-6 promulgated thereunder, which
involve inherent risks and uncertainties. Any statements about
Black Knight's plans, objectives, expectations, strategies,
beliefs, or future performance or events constitute forward-looking
statements. Such statements are identified as those that include
words or phrases such as "believes," "expects," "anticipates,"
"plans," "trend," "objective," "continue," or similar expressions
or future or conditional verbs such as "will," "would," "should,"
"could," "might," "may," or similar expressions. Forward-looking
statements involve known and unknown risks, uncertainties,
assumptions, estimates, and other important factors that change
over time and could cause actual results to differ materially from
any results, performance, or events expressed or implied by such
forward-looking statements. Such forward-looking statements include
but are not limited to statements about the benefits of the
proposed sale of Black Knight's TitlePoint line of business to
Fidelity National Financial, Inc. (the "transaction") including
future financial and operating results, Black Knight's plans,
objectives, expectations and intentions, the expected timing of
completion of the transaction, and other statements that are not
historical facts. Black Knight undertakes no obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
required by applicable law.
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SOURCE Black Knight, Inc.