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The phrase "which is being bought" is correct and usable in written English.
It can be used to refer to an item or service that is currently in the process of being purchased. Example: "The book, which is being bought by many readers, has received excellent reviews."
Exact(17)
Arnold is part of Snyder Communications, which is being bought by Havas Advertising.
Wyeth, meanwhile, which is being bought by Pfizer, said its net income rose to $1.27 billion, or 94 cents a share.
Millennium Chemicals, which is being bought by Lyondell Chemical, said the Securities and Exchange Commission asked for information on the company's financial restatements.
The business, which is being bought by supermarket group Sainsbury's for £1.4bn, revealed a near-36near-36%n profits to £83.1m in the year to 27 February.
The company, which is being bought by BT, did not tell some of its 27 million customers that their complaint could be decided by an independent adjudicator.
[C7.] CBS Corporation, which is being bought by Viacom for about $37 billion, said fourth-quarter profit rose, fueled by higher advertising revenue at its TV and radio operations.
Similar(39)
Her aides also called on residents not to hoard gas or food, both of which were being bought up in huge amounts by residents fearful of shortages.
The company makes radar and electronic equipment for fighter jets, warships and satellites, all of which are being bought in increasing amounts by the United States military.
The Model A pie is $10 cheaper than the $35 Model B, which has sold more than a million units to date (15,000 of which are being bought by Google to give away to U.K. schoolkids).
The speedy decline of local newspapers, many of which are being bought up by conglomerates and turned into clickbait farms, has facilitated this further.
They include King, the makers of the iPhone game Candy Crush; and Mojang, the mastermind behind the mega-selling title Minecraft, which was were bought by Microsoft for £1.5bn in September.
More suggestions(15)
which is being discussed
which is being handled
which is being studied
which is being performed
which is being called
which is being built
which is being advertised
which is being explored
which is being organized
which is being seen
which is being hailed
which is being observed
which is being examined
which is being threatened
which is being transformed
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com