PAG Said to Sell AirPower’s Gas Business for $6.8 Billion (2)

PAG, one of Asia’s biggest alternative asset managers, agreed to sell the industrial gases business of AirPower Technologies Ltd. to a Chinese consortium in a deal valued at $6.8 billion, people familiar with the matter said.

The sale is one of the biggest private equity exits from China investments in recent years. The Hong Kong-based firm will retain a 25% stake in the business, which is to be renamed Hangzhou Yingde Gases Ltd., the people said, asking not to be identified before an announcement. A PAG spokeswoman declined to comment.

PAG will continue to own some other AirPower assets, including ...