April 22, 2014 / 1:06 AM / in 4 years

Baring agrees to sell Net Japan holding to Orix Corp

HONG KONG, April 22 (Reuters) - Baring Private Equity Asia has agreed to sell its controlling stake in precious metal, jewelry and diamond recycler Net Japan Co to Orix Corp for around 21 billion yen ($204.74 million), according to a source with knowledge of the matter.

Baring said in a statement that it was selling the stake to Orix without disclosing the value of the deal.

The deal valued Net Japan at over 30 billion yen, said the source, who could not be named as details of the deal were private.

The private equity firm invested in Tokyo-headquartered Net Japan in 2012. Net Japan has 11 branches in Japan, including Tokyo, Sapporo, Sendai, Kofu, Nagoya, Kanazawa, Osaka, Hiroshima, Fukuoka, Yokohama and Matsuyama.

Asia private equity firm Baring has total committed capital of over $5 billion.

$1 = 102.5700 Japanese Yen Reporting by Stephen Aldred; Editing by Stephen Coates

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