Global private equity firm Warburg Pincus and China-based industrial gas producer Shanghai Baosteel Gases have reached an agreement to acquire the industrial gas assets of China-based chemical producer Henan Jinkai Chemical Investment Holding Group for RMB3 billion (approximately US$488 million). This transaction comes under the umbrella of a newly formed strategic partnership between Warburg Pincus and Baosteel Gases to jointly explore and develop projects in the industrial gas field. Baosteel Gases, a wholly-owned subsidiary of Baosteel Metal, operates through more than ten subsidiaries in China, with interests ranging from industrial gases to new energy.