Internet Capital Group, Inc. (Nasdaq: ICGE) fell 10 percent Friday after Ipalco Enterprises, Inc. and its affiliate Mid-America Capital Resources, Inc. said they sold 50,000 Internet Capital shares at an average price of $113 5/8 each. Internet Capital is the holding company for a number of B2B e-commerce ventures.
The Ipalco sale, which follows the sale of 50,000 shares on February 3rd, represented “substantially all” of Mid-America’s interest in the Wayne, Pennsylvania-based e-commerce company. Ipalco said that the sale was “part of its investment strategy,” and that it will use the proceeds to reduce debt. Internet Capital shares dropped 12 to close at 107 1/8.