Asian investment firm PAGAC II-2 Limited (PAGAC), a subsidiary of buyout fund PAG Capital Asia, has won the race to acquire China’s largest industrial gas producer.
The private equity agency first proposed a ‘top end’ bid to acquire Yingde Gases Group Company Limited in March.
The completed acquisition sees PAG become Yingde’s controlling shareholder. Financial details were not disclosed.
Executives of the company stepped down when the PAG deal was accepted, with CEO Sun Zhongguo and Chief Operating Officer Trevor Strutt resigning after a board meeting on 20th April.
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