IDG to be acquired by Chinese cos.
International Data Group, Inc. (IDG) of Boston, which owns Framingham-based International Data Corporation (IDC), is being acquired by two Chinese companies, the buyers announced Thursday.
China Oceanwide Holdings Group Co., Ltd., a privately-held, multi-billion dollar international conglomerate, will become the controlling shareholder of IDG’s operating businesses, including IDC and IDG Communications. Meanwhile, IDG Capital, a Chinese investment management partnership, will become the controlling shareholder of the IDG venture business.
A sale price was not disclosed, but the proceeds from the sale will fund a new charity named for the company’s late founder, Patrick McGovern. The McGovern Foundation will support advancements in neuroscience and information technology. In 2000, McGovern and his wife Lore Harp McGovern donated $350 million to the Massachusetts Institute of Technology to establish the McGovern Institute for Brain Research.
IDG will continue to be headquartered in Boston and managed by its current team, including IDC President and CEO Kirk Campbell, and IDG Communications CEO Michael Friedenberg.
Walter Boyd, chairman of IDG, said the Chinese conglomerate will help bring the company to new heights financially, strategically and culturally.
The transaction has received clearance from the Committee on Foreign Investment in the United States and is expected to close within the first quarter.
WBJ Web Partners
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