UPDATE, 4/14/14, 12:45 p.m. EDT: Weil, Gotshal & Manges is advising the lenders in the deal with a team that includes banking partners Chris McLaughlin, Stephen Lucas, Morgan Bale and Danek Freeman as well as finance head Daniel Dokos, tax partner Tobias Geerling, private equity partner Douglas Warner and associate Wolfgang Süss.

UPDATE, 4/11/14, 10:45 a.m. EDT: The names of additional Milbank attorneys have been added to the article’s fifth paragraph.

Buyout group CVC Capital Partners said Thursday it has agreed to sell printing ink company Flint Group to units of Goldman Sachs and Koch Industries.

CVC did not disclose the financial terms of the deal, but reports say it values Luxembourg-based Flint at roughly $3 billion. Flint—which employs 6,600 people, operates in 40 countries and had revenues of $2.9 billion last year—makes a variety of inks and coatings used by the packaging and print media industries.

CVC has been trying to sell Flint—which is the product of several printing ink purchases the private equity firm has made over the past decade—for a couple of years. Flint opted against a planned IPO in 2010 amid the European fiscal crisis. Two years later, Bloomberg reported that a group of potential private equity buyers that included Bain Capital Partners and the Carlyle Group had been involved in deal talks that eventually stalled. Reuters notes that Goldman Sachs and Koch are likely to increase Flint’s emphasis on serving the packaging industry in light of the continuing decline in demand for print media products.

The sale of Flint is expected to close by the second half of this year.

Milbank, Tweed, Hadley & McCloy is representing the buyers on their purchase of Flint with a team led by Munich-based corporate partner Peter Nussbaum. Corporate partners John Franchini and Stuart Harray are also advising on the deal along with banking and finance partner Rainer Magold, competition partner Alexander Rinne, tax partner Dale Ponikvar, leveraged finance partner Suhrud Mehta, alternative investments partner Erik Moser and special corporate counsels Andrea Eggenstein and Michael Pujol. Milbank associates on the deal are Anna Bryant, Christoph Kahle, Alexander Klein, Katharina Kolb, Benjamin Leuchten, Shepard Liu, Clemens Mayer, Tatjana Mühlbach, Matthias Schell, Dennis Seifarth, Thomas Tiedemann, John Timmermann and Marius Treml.

Milbank has advised Goldman’s lending arm on a number of deal financing matters in the past, including a $520 million loan provided by Goldman and JP Morgan to Leonard Green & Partners for its acquisition of CCC Information Services from Investcorp International last year.

Goldman Sachs and Koch are also being advised by New York–based Simpson Thacher & Bartlett corporate partner Jennifer Hobbs on debt financing aspects of the Flint acquisition.

Meanwhile, German firm Hengeler Mueller is advising CVC on the sale of Flint with a team led by corporate partners Hans-Jörg Ziegenhain and Steffan Oppenländer, who are based in Munich and London, respectively. Antitrust partner Thorsten Mäger, regulatory partner Dirk Uwer, finance partner Alexander Rang and finance counsel Axel Gehringer are also working on the matter. The Hengeler Mueller associates working on the deal are Georg Heiss, Marie Heissler, Verena Nosch and Jan-Henning Wyen.

Hengeler Mueller advised CVC last year in connection with its $4.1 billion acquisition of a majority stake in German energy-metering business Ista International from Charterhouse Capital Partners.