IntercontinentalExchange sees $200M expense synergies at Black Knight by year 5

IntercontinentalExchange CFO Warren Gardiner said on a call to discuss the acquisition of Black Knight by Intercontinental Exchange: “Based on a closing date of September 5, we expect that Black Knight will contribute approximately $85M to $90M of net revenues and roughly $50M to $55M of adjusted operating expenses to our third quarter results… We intend to provide you with historical pro forma results in early October and additional guidance respect to our – with respect to our 2024 expectations on our fourth quarter earnings call in early February… Moving to expense synergies. We continue to expect approximately $200M by year five with $100M and run rate synergies realized by the end of 2024, $150M by the end of year three and $200M by year five… It’s worth noting that following the close, we have already identified approximately $40M of annualized savings, giving us increased comfort in our ability to achieve our $200M target.”