Advent Pays Breakup Fees to EQT as $1.1 Billion China Deal Fails

Private equity firm Advent has paid breakup fees after a planned $1.1 billion deal to buy a contact-lens maker from EQT AB fell through near the finish line, according to people familiar with the matter.

Advent and EQT were in talks over the mainland China operations of Ginko International Co., but Advent went quiet in the summer in the last stages of completion and subsequently paid termination fees of about $10 million, the people said, asking not to be identified because the discussions were private.

Representatives for EQT and Advent declined to comment.

Despite the strength of stock ...