Pan-Asia buyout shop Affinity Equity Partners is holding exclusive talks with Primo Smallgoods for a majority stake, Reuters reports. The deal is expected to value the Australian meat products company at $1 billion.

The private equity firm placed the final bid for Primo in July, backed by financing of about $620 million from 11 banks. Previously, Blackstone was also interested in a stake but did not enter a final bid. Family-owned Primo Smallgoods has appointed Macquarie Bank to manage a dual-track sale and IPO process.

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