Advent International has paid around $10m in termination fees after its planned $1.1bn acquisition of the China operations of contact lens maker Ginko International from EQT fell apart in the final stages, according to a report by Bloomberg citing unnamed people familiar with the matter.

Talks collapsed over the summer, with Advent reportedly attempting to renegotiate price terms before walking away. The sale would have marked a key exit for EQT, which took Ginko private in 2022 through its Baring Private Equity Asia unit.

The failed deal highlights the growing difficulty for private equity managers to achieve exits in China, where IPOs remain the dominant route amid limited appetite from strategic buyers and heightened regulatory and geopolitical scrutiny. Despite buoyant equity markets in mainland China and Hong Kong, PE firms continue to face extended timelines and reduced valuations when attempting to monetise assets.

EQT and Advent declined to comment.