HONG KONG : Private equity firm PAG has held informal talks with a few suitors interested in AirPower Technologies, China's largest independent producer of industrial gases, three people familiar with the situation told Reuters.
Hong Kong-based PAG, which has also been exploring a Hong Kong initial public offering for AirPower, has been targeting a US$10 billion valuation for the company in that process, said two sources. AirPower filed for a Hong Kong IPO in August with the goal of raising about US$1 billion, sources said but added that it has yet to decide if it will launch the offering this year.
A sale, however, could give PAG a full exit, compared to a gradual selldown that would normally come with an IPO and follow-on shares sales, said two sources, adding there were also concerns about volatility in the Hong Kong stock market weighing on IPO valuations.PAG said the information obtained by Reuters was not accurate but did not elaborate further. MIRA did not immediately respond to a Reuters request for comment. A representative for AirPower declined to comment.
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