ICG acquires 15% of Creditex Group
Internet Capital Group (ICG) has taken a 15% stake in Creditex Group following the merger of New York-based credit derivatives trading platform Creditex with London-based interdealer broker CreditTrade on November 28. Pennsylvania-based ICG said it used the cash proceeds of shares it previously held in CreditTrade as well as $9 million in cash to fund the holding, and has now appointed managing director Doug Alexander to the board of the combined firm.
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