Oceanwide, IDG Capital Acquire IDG

Beijing-based Oceanwide and IDG Capital have entered into a definitive agreement to acquire International Data Group, (IDG).

2793878_international-data-group-idg-logoThe acquisition will include its subsidiaries International Data Corporation (IDC), IDG Communications, and IDG Ventures. According to the company, they have also received clearance from the Committee on Foreign Investment in the United States (CFIUS) for the transaction. 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. The terms of the deal were not disclosed. The transaction is expected to close within the first quarter of 2017.

“IDG is a natural extension for China Oceanwide’s international portfolio expansion,” said Chairman Zhiqiang Lu of China Oceanwide. “As a world leader in market research and insights, a publisher of many of the tech industry’s most established media brands, and a successful venture investor, IDG’s strong global brand and profile make for an attractive strategic investment for us. We plan to support IDG’s current management team as they implement their business plans, providing them with the autonomy, financial support and commercial resources that can support IDG’s growth and expansion and further enhance its leading position in the market.”

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.

“In an effort to carry on the legacy of late founder and chairman Pat McGovern, we have been focused on determining the optimal future balance between what’s best for IDG and Pat’s mission for the McGovern Foundation,” said Walter Boyd, Chairman of IDG. “We believe China Oceanwide and IDG Capital will provide the right financial, strategic and cultural fit to take IDG to greater heights.”

 

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