China Oceanwide acquires US tech media firm IDG

China Oceanwide (中国泛海), a Chinese privately owned investment company, announced yesterday that it has completed the acquisition of the majority of assets of American technology media and marketing services International Data Group (IDG), including its subsidiaries International Data Corporation (IDC) and IDG Communications, as part of its bid to expand overseas, local media is reporting (in Chinese).

With the completion of the acquisition, the Chinese conglomerate has become the American firm’s controlling shareholder by holding a 90% stake, while IDG Capital, the China-focused investment firm run by IDG China, has taken a 10% stake.

IDG is a leading media, data and marketing services and venture capital firm, headquartered in Boston. It recorded US$3.8 billion in sales for fiscal year ended Sept. 30, 2015.

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