Japan’s Orix to buy gold recycler from Baring for $200m – Reuters

Reuters – Japanese financial services company Orix Corp will buy precious metal, diamond and jewellery recycler Net Japan Co from Baring Private Equity Asia for around 21 billion yen ($204.74 million), people with knowledge of the matter said on Tuesday.

An Orix spokesman confirmed the agreement but declined to comment on terms. Baring, in a statement, said it was selling the company to Orix, but did not disclose the value.

Orix has agreed to buy all of Net Japan as part of the company’s private equity investment activity, the spokesman said. Net Japan, he said, met Orix’s criteria of being a top player in a niche market.

Last year, Orix spent about $2.6 billion on Dutch asset manager Robeco.

Tokyo-based Net Japan has 11 domestic branches as well as operations in mainland China, Hong Kong and Taiwan, showed the company’s website. Last year it booked revenue of about 200 billion yen from buying scrap precious metal and used jewellery and selling them on to smelters and others.

Orix’s purchase would value Net Japan at over 30 billion yen, said one of the people, who declined to be identified as details of the deal were private.

Net Japan declined to comment.

Baring Private Equity Asia, which has total committed capital of over $5 billion, invested in Net Japan in 2012.

($1 = 102.5700 Japanese Yen) (Reporting by Stephen Aldred and Taiga Uranaka; Editing by Christopher Cushing)