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

By Kane Wu ‌and Yantoultra ​Ngui

HONG ​KONG, Sept 11 (Reuters) - 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)

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