ICE is testing Black Knight's valuation armor

Intercontinental Exchange (ICE) entered into a definitive agreement to acquire Black Knight (a top position in our portfolios). ICE's push to enhance its mortgage platform with AI may be showing the way for the Fintech space.

Bottom line

We see the deal as value-enhancing and a very positive move for both companies, the Proptech sector, and the entire Fintech industry. Beyond the mere cost and revenue synergies for both companies, the deal reconfirms the undoubtful potential of the Fintech sector and the relatively cheap levels acquiring companies need to pay to tap into this potential. We believe these to be the positive signs for the sector turnaround and expect to see further growth and consolidation in the fintech space.

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