Correction, 6/18/13, 12:10 p.m. EDT: The original version of this article misspelled the name of one of the Willkie Farr & Gallagher lawyers on the deal. He is Ian Levin. The fifth paragraph of the article has been revised accordingly. We regret the error.

European private equity firm Cinven announced Sunday that it has agreed to acquire German ceramics company CeramTec from Rockwood Holdings Inc. for approximately 1.49 billion ($1.98 billion).