HousingWire Daily 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 acquisition.
For some background on the story, 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 Thoma Bravo spent acquiring it a little over a year ago.
Following the main story, 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 Homebuilders 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. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode:
· With $11B Ellie Mae deal finalized, ICE prepares to unleash a “fully digital mortgage ecosystem”
· CFPB settles with seventh company for misleading ads targeting veterans