Having reported last month that a 51% majority stake in Baosteel Gases was available for purchase, with Hangzhou Hangyang reportedly keen to pursue this investment, gasworld understands that private equity fund PAG has won the bidding for the company.
An auction was recently conducted in which PAG, as well as Air Products and Hangyang were also invited to bid.
PAG is understood to have won the bid at a rumoured multiple of 15x EBITDA, but no official figures nor details of the deal have yet been released.
gasworld reported on 23rd July that Baosteel Gases wanted to sell 51% of the shares of its gas business through the Shanghai United Assets and Equity Exchange on a competitive bid basis. The company had set the lowest acceptable bid at RMB 1.9bn.
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