ICE completes $11 billion Ellie Mae acquisition
In today’s Daily Download episode, HousingWire covers an announcement from the Intercontinental Exchange that it has received regulatory approval and fully completed its $11 billion Ellie Mae acquisition.
For some background, here’s a summary of the article:
Nearly one month after Ellie Mae announced that it had agreed to be acquired by Intercontinental Exchange, ICE announced Friday that it had received regulatory approval and fully completed its $11 billion acquisition.
“We are excited to begin the next important chapter in our journey to digitize the residential mortgage industry,” said Jeff Sprecher, founder, chairman and CEO of Intercontinental Exchange. “Ellie Mae’s industry leadership and best-of-breed technology will better enable us to further accelerate the automation of the mortgage origination workflow, which will benefit stakeholders across the production chain, including consumers.”
Per the announcement, the transaction values Ellie Mae at an enterprise value of $11 billion – three times the all-cash transaction of $3.7 billion private equity shop Thomas Bravo spent acquiring it a little over a year ago.
Following the main story on ICE, HousingWire covers the Consumer Financial Protection Bureau’s seventh settlement against a mortgage broker for deceptive advertisements targeting VA borrowers, and data from the National Association of Home Builders that indicates a spike in lumber prices is now driving construction costs much higher.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. The Daily Download is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode include: