(Reuters) – Private equity fund CVC Partners has agreed to sell Paperbox Holdings Ltd to Japan’s Oji Paper Co Ltd for an undisclosed amount, Oji said on Friday.
CVC acquired Paperbox, a unit of Malaysia’s GS Paper & Packaging, in 2007 from Malaysian gaming group Genting (GENT.KL) for $212 million.
The deal comes amid a series of private equity exits in Asia, helped by an improvement in market sentiment.
Asia-focused buyout fund Affinity Partners has appointed advisers to sell Australian pallet maker Loscam, in a deal estimated to be around $450 million.
On Thursday, U.S. buyout firm TPG Capital [TPG.UL] sold out its minority stake in Singapore’s Parkway Holdings (PARM.SI) to Indian hospital chain Fortis Healthcare Ltd (FOHE.BO) for $685 million. [ID:nSGE62A0DD].
Also in Australia, Pacific Equity Partners is considering selling or floating its Hoyts cinema chain, with media reports speculating the value of the company at about $905 million.
Oji, which runs neck and neck with Nippon Paper (3893.T) for number one spot in Japan’s paper making market, expects to close the deal by April 2010.
JP Morgan (JPM.N) advised CVC on the deal.