Warburg, Baosteel agree deal
Source: www.chinamining.org Citation: Reuters Date: August 20, 2014
Global private equity firm Warburg Pincus and China`s Shanghai Baosteel Gases Ltd have agreed a deal to buy the industrial gas assets of Henan Jinkai Chemical Investment Holding Group for 3 billion yuan ($489 million), the two partners said on Tuesday.
The deal is part of a strategic partnership between Warburg and Baosteel to explore projects in industrial gases, as the Chinese company looks to increase its competitiveness at home and internationally.
"Our partnership with Baosteel Gases is of particular significance to both parties, demonstrating the latest progress in our efforts to participate in the ongoing Chinese State-owned enterprise reforms," said David Li, managing director of Warburg.
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