COPENHAGEN (Reuters) - Swedish buyout firm EQT said on Friday it would sell Danish packaging group Faerch Plast to U.S. private equity firm Advent International, confirming reports in Danish media earlier on Friday.
EQT said the parties have agreed not to disclose the financial details of the deal, which is customary to anti-trust clearance and is expected to close in the third quarter of 2017.
Danish online media Finans reported that Advent paid around 7 billion Danish crowns ($1.06 billion) for the company EQT bought for 2 billion crowns in 2014.
“As a result of the value creation initiatives driven under EQT VI’s ownership, Faerch Plast has approximately doubled both revenue and EBITDA since the acquisition,” EQT said in a statement.
Reporting by Teis Jensen; Editing by Jacob Gronholt-Pedersen