CHINESE financial news provider Caixin Media said Monday its overseas arm, Caixin Global, will team up with Citic Capital to buy the international business information unit of Britain’s Euromoney for US$180.5 million.

The Chinese investors are buying Global Market Intelligence Division (GMID), a Hong Kong-based company that provides global financial information and data in over 15 languages.

Caixin Global said it will leverage the resources of GMID to enhance its own products for the China market, while also working to expand the Hong Kong company’s product offerings from a current focus on desktop to include more mobile-oriented devices.

The purchase is expected to be completed by the end of April this year.

“We will join forces together with GMID to provide indispensable data and insight for overseas and domestic financial industry professionals and stakeholders,” said Hu Shuli, publisher of Caixin Media.

“I am tremendously excited about the opportunities that this transaction will afford to our business, customers and staff,” said Aloisio Parente, CEO of GMID.

The deal marks the largest overseas purchase by a traditional Chinese media company. Most overseas buyers come from a State-run background, whereas Caixin is privately-owned and more entrepreneurial, funded by private backers including CMC Capital Partners.

(SD-Xinhua)