China Oceanwide Group and IDG Capital has acquired the International Data Group.
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IDG Capital ended year 2016 as among the few funds with the most unicorns in China.
IDG will help OL Group – the listed company that owns the club – promote it in China, Hong Kong, Macao and Taiwan and will get two to three seats on OL Group’s board.
The buying consortium, comprising strategic investor IDG Capital Partners, Chinese lighting company MLS Co Ltd and financial investor Yiwu State-Owned Assets Operation Center, will finance the purchase with equity.
The new fund, IDG Capital Fund III, will focus on investing in sectors such as technology, media & telecommunications, healthcare, energy, and consumer products, both in China as well as in global companies looking to enter the market.
The investment team of the fund will comprise executives from both CEL and IDG Capital, to utilize both firms’ capabilities in private equity, capital market, investment banking and asset management.
Kingsoft Cloud has secured a $60 million Series C investment to fund further business development, in a round led by Hong Kong-listed Kingsoft and IDG Capital Partners.
Kotal Mahindra has completely exited the company.
IDG Ventures recently closed its $200 million third fund.
The deal is valued at $200 million