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.
A Baosteel Gases factory
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. 

“We look forward to working with the Warburg Pincus teams to further expand and deepen our footprint in the industrial gas field at home and abroad,” said Sheng Zhongke, chief executive of...

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