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 ...
This news article comes via , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network