(Yicai Global) June 4 -- US private equity giant Blackstone Group has agreed to acquire International Data Group, a leading market intelligence and data platform for the technology industry, from China Oceanwide Holdings Group for USD1.3 billion.

Oceanwide is selling IDG, which it bought in 2017, to raise funds to repay debt, the Beijing-based conglomerate said in a statement yesterday.

IDG was the conglomerate’s first international acquisition. In the past four years IDG has acquired a number of companies, including marketing platform Triblio and Metri, an information technology benchmarking and measurement firm.

“The high-quality data, analytics, and insights IDG delivers to technology leaders are only becoming more critical as the pace of growth and innovation accelerates,” said Peter Wallace, global head of Core Private Equity at Blackstone.

“IDG has a trusted brand and deep knowledge of tech suppliers and buyers, and our investment will help the company accelerate its plans for creating even more advanced product offerings across its business,” Wallace added.

News of the sale helped to lift Oceanwide’s shares [SHE:000046]. They ended today 2.9 percent higher at CNY2.84 (45 US cents) each, after earlier jumping as much as 9.8 percent. The broader Shenzhen Component Index  gained 0.7 percent.

Editor: Futura Costaglione