Internet Capital Group, Inc. (Nasdaq:ICGE) today announced that the sale
of its partner company, Creditex Group Inc., to
IntercontinentalExchange, Inc. (NYSE:ICE), a leading operator of global
derivatives exchanges and over-the-counter (OTC) markets, was
consummated on August 29, 2008.
ICG’s portion of the sale proceeds consists of
737,471 shares of ICE common stock, which, based on the stock’s
August 29, 2008 closing price, is valued at approximately $64.9 million.
At closing, 60,440 of these shares were placed into escrow and, subject
to indemnification claims, most of the shares will be released to ICG
eighteen months following the closing of the transaction, with the
remainder to be released four years after the closing. ICG will record a
gain of approximately $35 million on the sale of its stake in Creditex,
which it acquired in late 2006, and does not expect any income tax
expense in connection with the transaction. The release of any proceeds
to ICG from escrow will result in additional gains.
of Creditex was a terrific outcome for ICG and its stockholders,”
said Doug Alexander, Managing Director at Internet Capital Group. "The
proceeds from this transaction will provide us with additional resources
and flexibility as we continue our mission of acquiring, building and
capturing the value created within leading on-demand software and
"ICG has been an outstanding partner for
Creditex," said Sunil Hirai, Creditex’s
Chairman and CEO. "The support and guidance
provided by Doug Alexander and the ICG team have played an invaluable
role in our growth and the realization of this merger.”
About Internet Capital Group
Internet Capital Group (www.internetcapital.com)
acquires and builds Internet software companies that drive business
productivity and reduce transaction costs between firms. Founded in
1996, ICG devotes its expertise and capital to maximizing the success of
these platform companies, which are delivering on-demand software and
service applications to customers worldwide.
is a leading operator of global exchanges and over-the-counter (OTC)
markets. ICE offers futures and OTC markets on a single trading
platform, including markets for crude oil and refined products, natural
gas, power and emissions, as well as agricultural commodities and
financial products such as canola, cocoa, coffee, cotton, ethanol,
orange juice, wood pulp, sugar, foreign currency and equity index
futures and options. ICE®
conducts its energy futures markets, including the leading oil benchmark
contracts, through its London-based exchange, ICE Futures EuropeTM.
ICE conducts its global agricultural commodity, foreign exchange
and equity index futures markets through its U.S. and Canadian
exchanges, ICE Futures U.S.TM and ICE
Futures CanadaTM, and offers clearing services
through ICE Clear U.S.TM and ICE Clear CanadaTM. ICE’s
state-of-the-art electronic trading platform serves market participants
in more than 55 countries. ICE is included in the Russell 1000®
Index and the S&P 500 Index. Headquartered in Atlanta, ICE has offices
in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg.
For more information, please visit www.theice.com.
Safe Harbor Statement under Private Securities Litigation Reform
Act of 1995
The statements contained in this press release that are not historical
facts are forward-looking statements that involve certain risks and
uncertainties, including but not limited to risks associated with the
uncertainty of future performance of our partner companies, acquisitions
or dispositions of interests in partner companies, the effect of
economic conditions generally, capital spending by customers and
development of the e-commerce and information technology markets, and
uncertainties detailed in ICG’s filings with
the Securities and Exchange Commission. These and other factors may
cause actual results to differ materially from those projected.