China Gas Holdings Ltd., better known as the firm that thwarted a $2.15 billion takeover from Chinese state-owned behemoth China Petroleum & Chemical Corp., or Sinopec, has struck a deal of its own.

The Chinese piped gas distributor has signed an agreement to buy U.K.-listed Fortune Oil PLC's gas distribution assets in China for $400 million, according to a statement.

Followers of the long-running saga of China Gas and Sinopec, which started when Sinopec launched an offer for the company in December 2011, may recognize Fortune Oil as an ally which stepped up to aid China Gas founder Liu Minghui in its defense. China Gas said that the offer "failed to reflect its fundamental value."

Sinopec and its partner, ENN Energy Holdings Ltd., another gas supplier, abandoned the hostile bid in.