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ICG to get $50 million from Ford

Internet Capital Group (Nasdaq: ICGE) plowed up over 10 percent Thursday, following the announcement that it would get a $50 million investment from Ford Motor Company (NYSE: F). The news was tucked in an amendment to its SEC filing for its upcoming secondary offering.

Shares had settled down to a rise of 6 1/8 to 114 1/4, or 6 percent later Thursday morning. The stock has been rising, with a spike after AT&T announced it would buy a 50 million dollar stake in the Internet incubator. Similar business CMGI (Nasdaq: CMGI) was also soaring Thursday after reporting strong revenue in its most recent quarter.

The filing detailed ICG's plans to offer of 6 million additional shares, at $108 a share.

The common stock offering is underwritten by Merrill Lynch & Co., Goldman, Sachs & Co., Deutsche Banc Alex. Brown, Lehman Brothers and Robertson Stephens.

ICG said the net proceeds from the offerings will be used to acquire interests in new or existing partner companies. The proceeds will also be used for the payment of interest on the company's convertible subordinated notes, as well as for general corporate purposes including working capital.

ICG also said its sale of stock to Ford, in a private placement, was at $108 a share.