Chinese Billionaire Lu Zhiqiang’s Oceanwide Completes IDG Acquisition

China Oceanwide Holdings Group Co., Ltd., the conglomerate chaired by Chinese billionaire Lu Zhiqiang (pictured), said it has closed its acquisition of Boston-based International Data Group, Inc. (IDG).

Upon closing, which officially took place yesterday, China Oceanwide became controlling shareholder, with 90% ownership of IDG's operating businesses, including International Data Corporation and IDG Communications. IDG Capital, a China-based venture capital firm initially backed by IDG, will own the remaining 10%.

China Oceanwide also became a minority shareholder in IDG's venture business, IDG Ventures, while IDG Capital became the controlling shareholder of the IDG venture business.

Lu, with a net worth of US$4.7 billion, heads Beijing-based China Oceanwide, a conglomerate active in real estate, finance, media, technology and strategic investments. The company ...

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