Sino Gas & Energy, Australia's only indigenous gas producer in China, will be swallowed up by US private equity fund Lone Star after its shareholders overwhelmingly voted in favour of a $530 million cash takeover offer.

In a result deemed "very, very good for shareholders" by chief executive Glenn Corrie, about 88 per cent of the circa 70 per cent of registered voting shareholders gave the 25¢-a-share offer a tick.