French industrial gas giant Air Liquide — the parent company of U.S. gas, safety and MRO distributor Airgas — has reached an agreement to acquire a South Korean gas producer in a deal worth an estimated $3.3 billion.
DIG Airgas, based in Seoul, supplies industrial gases to a range of sectors — including manufacturing and electronics — across a network of 60 plants and more than 136 miles of pipeline. Air Liquide officials said in an announcement Friday that the move would bolster its position in one of the world’s largest manufacturing nations — and the no. 4 market globally for industrial gases.
CEO François Jackow added in the statement that it would also solidify the company’s positions in the Asia region and in the broader electronics sector.
If approved, the deal would be Air Liquide’s largest acquisition in some 10 years, Reuters reported; Air Liquide closed on its $13.4 billion purchase of Airgas in 2016.
“Not only are we perfectly complementary in our footprint and activities, but DIG Airgas also already boasts a backlog of nearly 20 secured projects,” Jackow said.
The purchase from Macquarie Asia-Pacific Infrastructure Fund 2 is expected to close in the first half of next year, Air Liquide officials said.
Air Liquide reported $31.4 billion in revenue in 2024; Airgas ranked at no. 3 on ID’s most recent Big 50 list.
