Intermediate Capital to profit from divestment of CPA Global

Investment firm and asset manager Intermediate Capital Group (ICG) said it has sold its stake in intellectual property management firm CPA Global to European private equity group Cinven.

The transaction will generate total proceeds of £387m for ICG and the funds advised by ICG, of which £113m will be paid in cash on completion.

"The transaction will result in an additional £43m capital gain for ICG plc, which will be booked in the second half of the current financial year," ICG said in a statement.

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ICG initial acquired a "significant" minority equity stake in Jersey-based CPA in February 2010.

By 14:57 on Wednesday, ICG shares were trading 6.22% higher at 266.3p.