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EQT Restarting $1B Sale of Ginko China Business
16 Apr
Summary
- EQT seeks at least $1 billion for Ginko's Chinese operations.
- Previous $1.1 billion sale to Advent International was canceled.
- Ginko International's main market is mainland China.
Private equity firm EQT is reactivating the sale process for the mainland Chinese operations of contact lens maker Ginko International. The firm is targeting a valuation of no less than $1 billion for the business.
Previously, EQT had agreed to sell the unit to Advent International. However, Advent ultimately withdrew from the deal, opting to pay a breakup fee for reasons that remain undisclosed. Reports from last year indicated the sale to Advent would have valued Ginko at over $1.1 billion.
EQT's advisors, Goldman Sachs and JPMorgan, are now reaching out to potential buyers. These include both rival companies and financial sponsors. Ginko International, originally founded in Taiwan, specializes in conventional and disposable contact lenses and lens care products, with its primary sales market being mainland China.
