Foley Hoag Represents IDG in Acquisition by China Oceanwide
April 3, 2017
Foley Hoag LLP recently represented International Data Group, Inc. ("IDG") and its operating subsidiaries International Data Corporation and IDG Communications, Inc. in connection with the acquisition, in two separate transactions, of IDG and of IDG’s extensive portfolio of venture capital holdings by a consortium of buyers led by China Oceanwide Holdings Group Co., Ltd and IDG Capital Partners. The transactions, which closed in January and March 2017, had previously received clearance from the Committee on Foreign Investment in the United States.
IDG is a Boston-based research, media and marketing services organization operating in 97 countries. IDC Research is a leading provider of market intelligence on the technology industry. IDG Communications’ media brands and publications include CIO, Computerworld, PCWorld and Macworld. IDG was founded in 1964 by Patrick J. McGovern and has been a client of Foley Hoag since 1985.
China Oceanwide is a privately held, multi-billion dollar international conglomerate headquartered in Beijing, China. Oceanwide's diversified businesses include operations in financial services, real estate assets, media, technology and strategic investment, with more than 12,000 employees globally. IDG Capital is an independently operated investment management firm managing a broad portfolio of venture investments. IDG was one of the founding partners of IDG Capital.
Goldman, Sachs & Co. acted as financial advisor, and Foley Hoag LLP and Akin Gump Strauss Hauer & Feld LLP acted as legal advisors to IDG. Citigroup acted as financial advisor, and Ropes & Gray LLP and Covington & Burling LLP acted as legal advisors to China Oceanwide. Davis Polk & Wardwell LLP acted as legal advisor to IDG Capital.
Foley Hoag attorneys Robert Sweet, Sandy Gadsby, Mark Haddad, Bruce Kinn, Meredith Haviland, Nicola Lemay, Joseph Basile, William Kolb, Teresa Martland, Adrienne Ellman, Gabrielle Bernstein, Jennifer Macarchuk, Lauren Tran, Abigail Roy, Craig Randall, Rosina Mummolo, Michael Rosen and Natasha Reed represented IDG in the transaction.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and private funds fields, and in cross-border disputes. The diverse backgrounds, perspectives and experiences of our lawyers and staff contribute to the exceptional service we deliver to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.