Wayne, Pa. - June 11, 2007 - Internet Capital Group (Nasdaq: ICGE) today announced the acquisition of its partner company, Marketron International, by an affiliate of The Wicks Group of Companies, L.L.C., a private equity firm focused on selected segments of the communications, information and media industries. The sale was consummated on June 8, 2007.
ICG’s share of the cash proceeds related to the sale is approximately $36.7 million, approximately $4.8 million of which has been placed in escrow to be distributed to ICG incrementally over the three years following the closing of the sale, subject to indemnification claims. ICG will record an after-tax gain of approximately $8 million on this transaction during the three months ended June 30, 2007. The release of any proceeds from escrow will result in additional gains to ICG.
“We are very pleased with this transaction,” said Kamal Advani, Managing Director at ICG and Marketron board member. “We view this event as a great outcome for Marketron, Wicks and ICG. From an ICG perspective, this monetization is an important stepping stone in accomplishing our goals for 2007.”
“Internet Capital Group has been an outstanding partner for Marketron,” said Mike Jackson, Chairman and CEO of Marketron. “Their continued support and guidance have played a critical role in our growth and the realization of this merger.” |
