China Oceanwide Holdings Group may profit as much as $600 million after its sale of International Data Group (IDG) to Blackstone Group LP, reported Caixin.
Billions of dollars in debt, China Oceanwide is struggling to raise money. The company made an agreement to sell IDG to private equity company Blackstone for $1.3 billion after negotiating for 5 months.
China Oceanwide got the leading tech company IDG for almost $700 million in 2017, meaning the China giant may clear as much as $600 million from the deal. RMB 20.9 billion ($3.3 billion) in bonds are set to mature this year for China Oceanwide.