Davis Polk Advises Warburg Pincus and Baring Asia on Xinjiang Xintai’s Partial Offer to Acquire AAG Energy

Davis Polk is advising Warburg Pincus and Baring Asia as substantial selling shareholders participating in the partial offer by Xinjiang Xintai Natural Gas Co., Ltd. to acquire a maximum of 50.5% issued share capital of AAG Energy Holdings Limited for a total consideration of up to approximately HK$3,174 million.

In connection with their acceptance of the partial offer, each of Warburg Pinus and Baring Asia has signed an irrevocable undertaking in favor of Xinjiang Xintai to tender all shares held by them. The partial offer is subject to certain conditions, including approval by shareholders of AAG Energy.

Xinjiang Xintai is principally engaged in the distribution and sales of natural gas and its shares are listed on the Shanghai Stock Exchange. AAG Energy is principally engaged in coal-bed methane exploration and development sector in the PRC and its shares are listed on the Hong Kong Stock Exchange.

The Davis Polk corporate team includes partner Paul Chow and counsel Yang Chu. All members of the Davis Polk team are based in the Hong Kong office.