Black Knight, Inc. (NYSE: BKI) said today that it has reached an agreement to sell Fidelity National Financial, Inc. (NYSE: FNF) its TitlePoint business line for $225 million in cash.

TitlePoint, a product of Black Knight’s Data & Analytics division, enables searches for thorough property data, images of documents, and maps from hundreds of counties across the U.S. This aids title insurance underwriters, title agents, and closing lawyers in putting together title search packages quickly to support the secure sale and financing of real estate. Black Knight has continuously improved and expanded TitlePoint’s technology capabilities and coverage since purchasing the company in 2014.

According to an agreement between affiliates of Black Knight and Fidelity National Financial, Inc. (“FNF”) and affiliates of Property Insight, LLC, which included TitlePoint, in connection with the contribution of Property Insight, LLC to an affiliate of Black Knight in 2014, Black Knight had previously granted FNF a right to repurchase the entity that formerly held the TitlePoint business in the event of a change in control of Black Knight. FNF informed Black Knight of its intention to repurchase TitlePoint in connection with Intercontinental Exchange, Inc.’s (“ICE”) impending acquisition of Black Knight. The closing of ICE’s acquisition of Black Knight is not a prerequisite for the sale of TitlePoint.

Black Knight CEO Joe Nackashi remarked, “This acquisition enables us to focus our efforts in our mortgage-specific software and our core data and analytics capabilities, while also minimising our revenues that are subject to origination volumes.”

The acquisition is expected to close in December 2022, subject to customary closing conditions.

Source: Prnewswire