CVC has entered final talks to acquire the mainland China operations of contact lens maker Ginko International from EQT, Reuters reported, citing four people with knowledge of the matter.

EQT inherited the business through its 2022 combination with Baring Private Equity Asia, which had made the original Ginko investment that year. The mainland China unit is the standalone target here, with Ginko itself founded in Taiwan and manufacturing conventional and disposable lenses alongside lens-care products.

The talks come after an earlier attempt to sell the business stalled. EQT had agreed last year to offload the unit to US buyout firm Advent International, but that transaction fell through, according to Reuters. The current price range also sits below EQT's ambitions for the asset, with the firm having targeted at least $1bn, as Reuters has previously reported.

The sale process has drawn in bulge-bracket advisers on both sides, with JPMorgan advising EQT and Goldman Sachs working on the transaction. For now, however, the outcome remains uncertain, with the sources stressing that financial terms could still change and no agreement is guaranteed.