Funds managed by EQT AB and Mubadala Investment Company have agreed to buy Swedish medical freight company Envirotainer AB for an enterprise value of about 2.8 billion euros ($3.0 billion).

The majority investment in Envirotainer, which provides supply chain solutions for the transportation of biopharmaceuticals, will be bought from Cinven and Novo Holdings. In January, Bloomberg reported that Cinven was exploring options for the freight specialist.

“EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC,” according to a statement on Tuesday.

At the end of last year, the Swedish company said it had carried 1 billion doses of the Covid-19 vaccine in its fleet of temperature-controlled air cargo containers. The company currently has 6,700 containers and employs 375 employees.

The transaction is expected to close in the third quarter, meaning that the EQT X fund will be 0-5% invested based on its target size. The Stockholm-based private equity firm and Mubadala were advised by Jefferies International.