Warburg Pincus, Baosteel in $488m industrial gases deal
Warburg Pincus and a subsidiary of Chinese steel producer Shanghai Baosteel Group have agreed to buy industrial gas assets from Henan Jinkai Chemical Investment Holding for RMB3 billion ($488 million).
The deal is part of a strategic partnership between the private equity firm and Shanghai Baosteel Gases to jointly explore and develop projects in the industrial gases space. Baosteel Gases operates through more than 10 subsidiaries nationwide, with interests ranging from industrial gases to new energy.
The equity contributions of Warburg Pincus and Baosteel Gases to the deal were not specified.
"Our partnership with Baosteel Gases is of particular significance to both parties, demonstrating the latest progress in our efforts to participate the ongoing Chinese state-owned enterprise reforms, in the backdrop of the economic structure transformation and deepening reform in China," David Li, managing director at Warburg Pincus, said in a statement.
The private equity firm has invested more than $14.7 billion in over 110 energy and industrial companies globally. In China specifically, it has deployed approximately $4 billion across the industrial, energy, consumer and retail, healthcare, real estate and technology, media and telecom sectors.
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