Italian utility Enel, ICGE in JV accord for Internet incubator
ROME, March 20 (Reuters) - Italian utility Enel and U.S. company Internet Capital Group (NasdaqNM:ICGE - news) said on Monday they had signed a joint venture deal to create an Internet incubator for business-to-business e-commerce.
The companies said in a statement released at a news conference that the Incubator, which would be immediately operational, would have a capital of $10 million. Enel will take a stake in ICG worth $25 million.
``With this accord, Enel becomes the privileged partner of ICG in Italy and preferential partner in Europe for the utility sector (water, electricity and gas),' the statement said.
As part of the accord, Enel's Chief Executive Franco Tato will join the European advisory board of ICG.
The companies said the incubator ``will identify the opportunies offered by the market, will develop a business plan and will launch new B2B (business-to-businness) initiatives that could also involve Enel's suppliers.'
ICG is an Internet company involved in business-to-business e-commerce through a network of more than 55 partner companies. It provides operational assistance, capital support, industry expertise and a strategic network of business relationships.
Its partners in Europe include EU-Supply, FOL Networks, VerticalNet Europe, PaperExchange.com and MG Plc.
Enel, Italy's former electricity monopoly, is currently diversifying into a multi-utility. It controls the country's fourth mobile-phone operator Wind.
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