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Technology Stocks : Internet Capital Group Inc. (ICGE) -- Ignore unavailable to you. Want to Upgrade?

To: saket chadda who wrote (1206)	2/1/2000 8:52:00 AM
From: Islander99	Respond to of 4187

News: British Telecom forms joint venture with ICGE and VERT. Tuesday February 1, 7:47 am Eastern Time BT forms $227 mln business Internet venture LONDON, Feb 1 (Reuters) - British Telecom Plc (quote from Yahoo! UK & Ireland: BT.L) said on Tuesday it was joining forces with two U.S. companies to create a $227 million business-to-business Internet venture. BT said the joint venture with VerticalNet Inc (NasdaqNM:VERT - news) and Internet Capital Group Inc (NasdaqNM:ICGE - news), called VerticalNet Europe, will set up Internet business communities across Europe enabling companies to trade information and products. BT said the company would be supported by more than $227 million in cash and assets from the three partners. ``The combined cash contribution of $107 million in financing is one of the largest amounts raised for a business-to-business Internet company,' said a statement from BT, which will own 33 percent of the venture. VerticalNet Inc will be the majority shareholder. ``Within each distinct VerticalNet Web site, businesses can meet, seek and exchange information and buy and sell products and services,' BT said. ``The sites will contain tailored editorial content including white papers written by key sector personalities, news updates, product information, classified advertisements and job listings.' As part of the deal, VerticalNet Europe and BT have agreed immediately to create a joint British venture called VerticalNet UK Ltd.