E-commerce holding company Internet Capital Group (Nasdaq: ICGE) was up 3 to 120 1/2 in early trading today after the company and Italian utility company Enel Spa (NYSE: EN) announced plans for a B2B joint venture. The two companies, which will split the $10 million initial investment, said the plan is to combine Internet Capital’s leadership in e-commerce with Enel’s “exceptional market presence” in Italy and its knowledge of Italian industrial companies.
As part of the agreement, Enel will buy a $25 million stake in Internet Capital, and the Italian company’s chief executive, Franco Tato, will join ICG’s European advisory board.
Enel, which has 29 million customers, is the largest publicly traded electric utility in the world. The company has operations in electric generation, transmission, distribution and supply.