Bei­jing-based Ocean­wide set to buy IDG

China Daily European Weekly - - Business -

A Chi­nese con­sor­tium made up of China Ocean­wide Hold­ings Group Co Ltd and IDG Cap­i­tal an­nounced that they have en­tered into a de­fin­i­tive agree­ment to ac­quire In­ter­na­tional Data Group (IDG). With op­er­a­tions in 97 coun­tries world­wide, Boston-head­quar­tered IDG is a lead­ing global me­dia, mar­ket re­search and ven­ture com­pany en­gag­ing in the most in­flu­en­tial tech­nol­ogy ven­tures and buy­ers. This ac­qui­si­tion also in­cludes IDG’s sub­sidiaries In­ter­na­tional Data Cor­po­ra­tion (IDC), IDG Com­mu­ni­ca­tions and IDG Ven­tures. With this deal, China Ocean­wide will be the con­trol­ling share­holder of IDG’s op­er­at­ing busi­nesses, in­clud­ing IDC and IDG Com­mu­ni­ca­tions. IDG Cap­i­tal will be­come the con­trol­ling share­holder of IDG Ven­ture. The con­sor­tium has re­ceived clear­ance from the Com­mit­tee on For­eign In­vest­ment in the United States for the trans­ac­tion, which is ex­pected to close within the first quar­ter of 2017. Although the amount of the trans­ac­tion is not dis­closed, ear­lier me­dia re­ports stated that it would amount to over $1 bil­lion.

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