Baosteel, Warburg Pincus buy Chinese gas assets

Shanghai Baosteel Gases and Warburg Pincus are buying Chinese industrial gas assets for $488m in a partnership designed to seek investment opportunities as China reforms SOEs.

Baosteel, Warburg Pincus buy Chinese gas assets
A Baosteel Gases factory

China’s Shanghai Baosteel Gases and global private equity firm Warburg Pincus said on Tuesday they have agreed to buy industrial gas assets from state-controlled Henan Jinkai Chemical Investment Holding for Rmb3 billion $488 million.

The deal is the first fruit of a partnership between Warburg Pincus and Baosteel Gases aimed at helping the Chinese firm grow and the New York-based private equity firm to seize investment opportunities as China reforms its state-owned enterprises. ...

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