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| ICGE > SEC Filings for ICGE > Form 8-K on 5-Sep-2008 | All Recent SEC Filings |
5-Sep-2008
Completion of Acquisition or Disposition of Assets, Other Events, Fina
In June 2008, Internet Capital Group, Inc. ("ICG") announced that its partner company, Creditex Group Inc. ("Creditex"), had entered into a definitive merger agreement pursuant to which it was to be sold to IntercontinentalExchange, Inc. ("ICE"). On August 29, 2008, the sale of Creditex to ICE was consummated. ICG's portion of the sale proceeds consisted of 737,471 shares of ICE common stock, 60,440 of which were placed in escrow in connection with the indemnity under the merger agreement. Pending any ICE claims for indemnification, most of the escrowed 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.
As of the close of market on the date of this filing, ICG has sold a total of 327,031 ICE shares for aggregate proceeds of approximately $30 million. ICG intends to sell or enter into hedging arrangements over time with respect to the remaining ICE shares that it holds, taking into account market conditions and its corporate liquidity requirements.
On September 2, 2008, ICG issued a press release announcing the consummation of the sale of Creditex to ICE. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
(d) Exhibits
The following exhibits are filed herewith:
Exhibit No. Description
99.1 Press Release issued September 2, 2008 by Internet Capital Group, Inc.
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