CVC in final talks for EQT's Ginko China business, sources say

HONG KONG, Sept 11 — 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.

(Reporting ​by Kane Wu and Yantoultra Ngui; Editing by ​Alexander Smith)

Related topics