Ford buys $50M stake in Internet Capital Group

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Detroit--Ford Motor Co. has agreed to buy a $50 million stake in Internet Capital Group, a Wayne, Pa.-based company that holds investments in 47 business-to-business electronic- commerce companies, including VerticalNet, Horsham, Pa. Ford will pay $108 a share in a private placement, meaning the stock will be sold directly to Ford, not on a public exchange. Other financial details of the pact were not released. Ford's move comes as other U.S. automotive giants, including General Motors Corp., Detroit, are making forays into b-to-b e- commerce.
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