Skip to main content

Internet Capital Group's


e-commerce unit,

ICG Commerce

, and

Andersen Consulting's

e-procurement venture,


, have agreed to merge.

The merged entity will operate under the ICG Commerce name, and will be led by Rick Berry, the president and chief executive of ICG Commerce.

TheStreet Recommends

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

, an equity owner of EPValue, will continue to function as a preferred hardware platform provider to the combined unit. Also,

Sara Lee


Europe, the combined entity's first new customer, plans to take an equity stake in ICG Commerce.

ICG and Andersen expect to close the deal within 45 days, pending a definitive agreement and the receipt of governmental approval.

Shares of Internet Capital Group were recently trading up 13 cents, or 1.3%, to $9.50 in