Google to buy marketing services company for $125 million

Wed Feb 6, 2013 11:41pm IST

The Google signage is seen at the company's headquarters in New York January 8, 2013. REUTERS/Andrew Kelly

The Google signage is seen at the company's headquarters in New York January 8, 2013.

Credit: Reuters/Andrew Kelly

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REUTERS - ICG Group IncICGE.O, which buys and builds Internet software and services firms, said Google Inc(GOOG.O) would acquire its partly owned marketing services unit, Channel Intelligence Inc, for $125 million in cash.

Channel Intelligence helps retailers, manufacturers and other advertisers make their products and services easier for consumers to find and buy online and in local stores.

ICG said it will get $60.5 million for its stake in Channel Intelligence.

The transaction is expected to be completed in the first quarter of 2013.

ICG shares, which closed at $12.04 on Tuesday on the Nasdaq, were up 3 percent at $12.41 in premarket trading on Wednesday morning.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Sreejiraj Eluvangal)

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