Glenwood Private Equity acquired Haeyang City Gas and Seorabeol City Gas, two city gas subsidiaries of GS Energy, a South Korean conglomerate. The purchase price was KRW 616bn. GS Energy has enjoyed stable profits from its gas distribution units but decided to sell them in a preemptive move to fend off any adverse impact from the possible downturn of the oil and petrochemical industries as well as to up investments in new growth engines such as the green energy and overseas resource development.