Warburg Pincus and Baring, are exiting the Chinese natural gas producer at just HK$1.75 per share, way down on the HK$3 IPO price just three years ago.
SAI Global, the Sydney-based risk management company, has flirted with potential buyers for two years. But with Baring Asia Private Equity, it has finally found a match.
Glenwood and Baring Private Equity Asia are paying $478 million for the business, the latest private equity foray into the country's distressed cement industry.