This article outlines the recent acquisition of Empower by a Canadian software firm, Kohlberg Kravis Roberts & Co. LP (KKR). The transaction is subject to governmental approval due to the Department of Justice’s (DOJ) antitrust review process of the merger between ICE Corp and Black Knight Inc. Empower is a fintech subsidiary of Black Knight, focused on providing innovative financial technology solutions for the housing industry.
KKR will purchase Empower for an undisclosed amount. The acquisition will allow for Empower to remain in the housing technology sector as an independent company and not become part of the impending merger between ICE Corp and Black Knight. ICE Corp is a global leader in providing data, technology and market infrastructure, while Black Knight provides end-to-end software and data solutions for the mortgage and real estate industries.
The DOJ’s review process of the proposed merger between ICE Corp and Black Knight seeks to ensure that customers are not subject to anti-competitive practices. There are several key points the DOJ is looking into, such as whether the merging companies’ products and services overlap, if there are ways customers may be adversely affected, and if the merger will create a “climate of receding competition.”
KKR’s purchase of Empower will allow the fintech firm to operate as an independent company, allowing regulatory approval of the proposed merger between ICE Corp and Black Knight to proceed smoothly once finalized. The acquisition of Empower has allowed for continued innovation within the housing technology space, without creating a monopoly in the market. Regulatory concern of anti-competitive practices has been avoided and customers remain protected from potential adverse effects caused by monopolization.
You can read this full article at: https://www.housingwire.com/articles/ice-and-black-knight-find-a-buyer-for-empower-as-merger-scrutiny-heats-up/(subscription required)
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