Internet Capital nets $60M on Creditex sale
Internet Capital Group says it will get
Internet Capital Group, Wayne, said Tuesday that it will collect around $85 million from the sale of its stake in Creditex, a New York company that processes credit-default swap trades, to the Atlanta-based Intercontinental Exchange. The stock deal was valued at around $625 million, including ICG's stake, and subject to changes in Intercontinental's share price and a working-capital adjustment at closing. Release here.
ICG paid around $25 million for its Creditex stake three years ago, CEO Walter Buckley said at an investor conference last month. The sale was ICG's biggest payday since it grossed $150 million in 2005 for selling its stake in LinkShare Corp., an online marketing company, to Raukten Inc., said ICG spokeswoman Michelle Musburger.
ICG sales rose above $10 a share on the news. The stock peaked at a split-adjusted $4,000 in 2000, when it was hyped by Internet pitchmen like Merrill Lynch analyst Henry Blodget. It's traded between $8 and $12 for most of the past three years.