Berkshire Hathaway has agreed to acquire Oriental Trading Co., an Omaha, Neb.-based direct marketer of party supplies and children’s arts and crafts. The WSJ reports the deal would be worth approximately $500 million. Oriental Trading had been owned by The Carlyle Group and Brentwood Partners before filing for bankruptcy protection in 2010. Current owners include around a dozen financial institutions, including KKR. www.orientaltrading.com
Providence Equity Partners has agreed to sell its stake in iQiyi.com, a Chinese online video platform for professionally-produced content, to Baidu Inc. (Nasdaq: BIDU). No financial terms were disclosed. Baidu will hold a majority stake in iQiyi once the deal closes later this quarter. www.provequity.com
Platts, a unit of McGraw-Hill Cos. (NYSE: MHP) has completed its previously-announced acquisition of Kingsman SA, a Switzerland-based provider of price information and analytics for the global sugar and biofuels markets. No financial terms were disclosed. www.kingsman.com
The Sterling Group has completed its previously-announced sale of Velcon Filters LLC, a Colorado Springs, Colo.-based maker of filtration equipment and replacement cartridges for the aviation, industrial fuel and industrial process filtration markets, to Parker Hannifin Corp. (NYSE: PH). No financial terms were disclosed, except that Velcon reported sales of $115 million for the year ending August 31, 2012. www.parker.com
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