Shanghai Baosteel Gases Ltd, China's leading industrial gas producer, and an affiliate of Warburg Pincus, a global private equity firm, announced on Tuesday the formation of a strategic partnership to jointly explore and develop projects in the industrial gas field.
Under the partnership, the two parties also reached an agreement with Henan Jinkai Chemical Investment Holding Group to acquire its industrial gas assets for 3 billion yuan ($489 million).
Established in 2008, Baosteel Gases is a wholly-owned subsidiary of Baosteel Metal. Baosteel Gases cover a variety of areas in industrial gases, synthetic gases, packaged gases and new energy, operating through more than 10 subsidiaries in China's eastern, northwest and southern regions.
Since entering the Chinese market in 1994, Warburg Pincus has invested more than $4 billion into leading Chinese companies in industrial, energy, consumer and retail, healthcare, real estate and TMT industries.
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