China Oceanwide Holdings Group Co., Ltd. and IDG Capital have entered into a definitive agreement to acquire International Data Group, Inc., including its subsidiaries International Data Corporation, IDG Communications, and IDG Ventures.
The terms of the deal – which is expected to close within the first quarter of 2017 – were not disclosed.
Upon closure of the transaction, China Oceanwide will become the controlling shareholder of IDG’s operating businesses, including IDC and IDG Communications, while IDG Capital will become the controlling shareholder of the IDG venture business.
Founded by Chairman Zhiqiang Lu nd headquartered in Beijing, China, China Oceanwide is a multi-billion dollar international conglomerate whose established and diversified businesses include operations in financial services, real estate assets, media, technology and strategic investment, with more than 12,000 employees globally.
Founded in 1964, IDG is a global media, market research and venture company that operates in 97 countries around the world. Following the close of the deal, IDG will continue to be headquartered in Boston, Massachusetts and managed by its current team. Kirk Campbell will continue as President and CEO of IDC, and Michael Friedenberg will continue as CEO of IDG Communications.
A new board of directors will be appointed after the close of the transaction.