Private equity giants Warburg Pincus and Baring Private Equity are to sell their combined 46% stake in AAG Energy for HK$2.9 billion $366 million, putting an end to their lengthy investment in the Chinese natural gas exploration company.
The pair will sell their stakes to Xinjiang Xintai Natural Gas as part of its voluntary offer for a 50.5% stake in the Hong Kong-listed natural gas producer, according to an announcement from the target company.
Warburg Pincus , which holds 25.21% of the company, and Baring PE, which holds 20.56%, will sell their entire stakes. The pair invested in AAG in 2010 and 2008...
¬ Haymarket Media Limited. All rights reserved.
