Chinese Firm Oceanwide, IDG Capital, Purchase Market-Research Firm IDC

Reuters reports that International Data Group, the owner of PC World magazine and market-research IDC, are being acquired by China Oceanwide Holdings Group and IDG Capital, the investment management firm run by IDG China executive Hugo Shong.

Terms of the acquisition were not disclosed. Reuters also reported that

“IDG had been in advanced talks to sell itself to a Chinese buyout group and was seeking between $500 million and $1 billion.

Beijing-based conglomerate Oceanwide, founded by billionaire Lu Zhiqiang, pledged $3.8 billion to take control of U.S. insurer Genworth Financial Inc (GNW.N) last year.

IDG will add to its media holdings in China including the Economic Observer, a business newspaper and a performance theater in Xi’an, Oceanwide director Brett Liu said.”

IDG’s headquarters will remain in Boston, Massachusetts.

Oceanwide will now become the controlling shareholder in IDG’s operating businesses, with Shong’s IDG Capital taking a minority stake. IDG Capital will take the majority stake in the IDG venture businesses.

The companies also said the deal had been cleared by the U.S. Committee on Foreign Investment and would be completed in 2017″s first quarter.