ICG Group (ICGE) announced that one of its consolidated companies, Investor Force Holdings, has entered into a definitive agreement to be acquired by MSCI I(MSCI). Under the terms of the agreement, MSCI will acquire InvestorForce for $23.5M in cash. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2013. ICG's share of the cash proceeds related to the sale of InvestorForce is expected to be approximately $20.7M, approximately $2.1M of which will be subject to a customary indemnification holdback. Upon closing of the transaction, ICG will record a gain of approximately $15.4M on the sale of its InvestorForce stake; the release of any escrowed proceeds to ICG will result in additional gains. ICG does not expect to owe any income taxes in connection with the transaction.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?