Key facts
- CVC Capital Partners is in final talks to buy EQT's mainland China business of contact lens maker Ginko International.
- The deal could value the business at $700 million to $800 million including debt.
- EQT was targeting at least $1 billion for the business.
- EQT and JPMorgan declined to comment, while CVC and Goldman did not respond to requests for comment.
CVC Capital Partners has entered final talks to acquire the mainland China business of contact lens maker Ginko International from EQT, according to four people with knowledge of the matter. The potential deal could value the business at $700 million to $800 million including debt. EQT had previously been targeting at least $1 billion for the business, Reuters reported.
Financial terms have not been finalized and could change, and the talks may not result in a deal, the sources said. 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.
Last year, EQT agreed to sell the business to U.S. buyout firm Advent International, but that deal ultimately fell through. Ginko, founded in Taiwan, manufactures 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.