Baring PE to sell jewellery recycler Net Japan to Orix in $204m deal


jewellery-necklace-pearlBaring Private Equity Asia has reportedly agreed to sell diamond and jewellery recycler Net Japan to Orix Corp in a deal worth about JPY21bn ($204m).

Orix will buy the business through its own private equity arm according to Reuters, which cited people with knowledge of the matter.

Net, based in Tokyo, also has operations in China, Hong Kong and Taiwan, and had revenues of about JPY200bn last year.

Baring is currently thought to be preparing to launch its sixth Asia fund, targeting $2.9bn.

The firm, which has offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo, has more than 30 portfolio companies across Asia with combined revenues of more than $25bn.

Last month a consortium led by Baring agreed to buy Chinese online gaming group Giant Interactive in a $3bn take-private deal.

Copyright © 2014 AltAssets