CVC Capital Partners has entered final talks to buy the EQT-owned mainland China business of contact lens maker Ginko International, four people with knowledge of the matter said.
A deal could value the business at $700 million to $800 million including debt, said one of the sources.
EQT was targeting at least $1 billion, Reuters has reported.
Financial terms have not been finalised and could change, and the talks may not result in a deal, said the people, who declined to be named as the information was confidential.
EQT and JPMorgan, one of the advisers on the sale process, declined to comment. CVC and Goldman, another adviser on the sale process, did not respond to requests for comment.
EQT agreed last year to sell the business to U.S. buyout firm Advent International, but that deal fell through.
Ginko, founded in Taiwan, makes conventional and disposable contact lenses as well as lens-care products. Mainland China is its largest sales market, according to its website.
The Ginko investment was made in 2022 by Baring Private Equity Asia, which later merged with EQT.
Reuters
