Beijing-based Oceanwide set to buy IDG
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.