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)
Trending On Reuters
Facebook Inc is launching an open platform for online content and application developers to join its Internet.org service, in a move the social media giant said would boost efforts to get people online in low-income and rural areas in emerging markets. Full Article