By Michael Dabaie

Blackstone Group Inc. said it would acquire International Data Group for an enterprise value of $1.3 billion.

The investment firm said that private equity funds managed by Blackstone agreed to acquire International Data Group from Oriental Rainbow LLC, a subsidiary of China Oceanwide Holdings Group Co. Ltd.

Founded in 1964, IDG provides market intelligence for the technology industry.

The new ownership will allow IDG to invest in additional opportunities for growth across its technology and product portfolio, including strategic acquisitions, Blackstone said.

IDG in 2020 purchased Triblio to expand its software-as-a-service platform and bolster its ability to support marketing activation programs. It recently acquired Metri to increase its IT pricing dataset.

Goldman Sachs & Co. LLC acted as exclusive financial adviser to IDG. King & Wood Mallesons acted as lead legal adviser and Mintz acted as co-legal adviser to IDG. Simpson Thacher & Bartlett LLP acted as legal adviser to Blackstone.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

06-03-21 0911ET