Canada’s Constellation Software (CSU) has agreed to acquire Optimal Blue, a software and data service provider to the mortgage industry, for $700 million U.S.
Toronto-based Constellation Software is purchasing Optimal Blue from American software firm Black Knight for $200 million U.S. in cash and $500 million U.S. in promissory notes.
The acquisition of Optimal Blue follows a deal in March that saw Constellation Software buy Black Knight's Empower mortgage loan origination business.
Black Knight is selling assets as it tries to secure regulatory approval for its takeover by Intercontinental Exchange (ICE), which operates the New York Stock Exchange and numerous clearinghouses.
Constellation Software’s purchase of Optimal Blue is subject to the closing of ICE's deal to acquire Black Knight.
The stock of Constellation Software has increased 43% over the last 12 months and currently trades at $2,798.17 per share.
