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China Oceanwide Completes Acquisition of IDG
BEIJING, March 30, 2017 /PRNewswire/ -- China Oceanwide Holdings Group Co., Ltd ("China Oceanwide") announced the close of the acquisition of International Data Group, Inc. ("IDG") on March 29. Upon closing, China Oceanwide became the controlling shareholder, with 90% ownership share, of IDG's operating businesses, including International Data Corporation ("IDC") and IDG Communications ("IDGC"), with the remaining 10% held by IDG Capital, and a minority shareholder in IDG's venture business, IDG Ventures. The transactions had previously received clearance from the Committee on Foreign Investment in the United States ("CFIUS").
IDG is a world leader in market research and insights and was one of the first US information technology companies to enter the Chinese market. IDG has created a host of leading technology and media brands and runs a successful venture investment business.
Senior IDG leaders and executives, including former IDG Chairman Walter Boyd and IDG President and CFO Ted Bloom, were in Beijing this week to present their work report and attend the announcement of the closing of the transaction.
Prior to the announcement, during the morning of March 29, 2017, a new board of directors for IDG was appointed, with China Oceanwide Chairman Mr. Zhiqiang Lu appointed to serve as the new chairman of IDG, and China Oceanwide Director and Vice President Brett Bing Liu elected to serve as IDG President, Director and Chair of its Executive Committee.
China Oceanwide is an international conglomerate founded by Chairman Zhiqiang Lu. Headquartered in Beijing, China Oceanwide's well-established and diversified businesses include operations in financial services, real estate, media, technology and strategic investment. Following the acquisition, China Oceanwide has nearly 20,000 employees worldwide.
The acquisition of IDG, which operates in 97 countries and regions, by China Oceanwide represents another important step in China Oceanwide's globalization strategy and is a natural extension for its international portfolio expansion. China Oceanwide is expected to support IDG as its new shareholder with deep financial and commercial resources.
"We are delighted that China Oceanwide is now the controlling shareholder of IDG. We see great possibilities ahead as China Oceanwide will invest in IDG's business to drive growth across all three of IDG's valuable assets - IDC, IDG Communications and the IDG Ventures portfolios," said former IDG Chairman Walter Boyd. "We believe China Oceanwide will provide the right financial, strategic and cultural resources to take IDG to greater heights."
Mr. Zhiqiang Lu, Chairman of China Oceanwide Holdings Group and newly appointed Chairman of IDG, noted, "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."
Brett Bing Liu, Director & Vice President of China Oceanwide Holdings Group and newly appointed President, Director and Chairperson of the Executive Committee of IDG, added, "We believe that the future of IDG has unlimited potential. As a new shareholder, we will share our experience and competitive strengths, and leverage our existing businesses in support of IDG. The information technology market in China has tremendous potential for future development, and IDG can help lead the way. We look forward to working together with IDG to start a new chapter in IDG's corporate history."
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SOURCE China Oceanwide
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