Ropes & Gray Advises China Oceanwide in IDG Acquisition
China Oceanwide Holdings Group Co., Ltd. and IDG Capital announced Jan. 19 that they have entered into a definitive agreement to acquire International Data Group, Inc. (IDG), including its subsidiaries International Data Corporation (IDC), IDG Communications and IDG Ventures. Ropes & Gray advised China Oceanwide on the deal.
Boston-based IDG is a leading global media, market research and venture company operating in 97 countries globally. China Oceanwide is a privately held, multibillion-dollar international conglomerate headquartered in Beijing, China, with diversified businesses operating in the financial services, real estate, media, technology and strategic investment sectors, and more than 12,000 employees around the world.
The transaction is expected to close in the first quarter of 2017. Upon closing, 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 IDG Ventures.
The Ropes & Gray team representing China Oceanwide included mergers & acquisitions partner James Lidbury (Hong Kong), private equity partner Taylor Hart (Boston), tax partner David Saltzman (Boston) and executive compensation & employee benefits partner Renata Ferrari (Boston).