UPDATE: ICG Group's Channel Intelligence to Be Acquired by Google for $125M in Cash
ICG Group, Inc. (Nasdaq: ICGE) ("ICG") is pleased to announce that one of its consolidated companies, Channel Intelligence, Inc. ("CI"), has entered into a definitive agreement to be acquired by Google Inc. (Nasdaq: GOOG) for $125 million in cash. The transaction, which is subject to customary closing conditions, is expected to be completed in the first quarter of 2013.
ICG is expected to realize approximately $60.5 million in connection with the transaction. A portion of ICG's proceeds will be held in escrow and will be subject to potential identification claims. ICG does not expect to owe any income taxes in connection with the transaction.
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