Air Liquide to Acquire South Korea's DIG Airgas

Acquisition Overview

Air Liquide has signed a binding agreement to acquire DIG Airgas, a leading industrial gas company in South Korea, from Macquarie Asia-Pacific Infrastructure Fund 2. The transaction values DIG Airgas at an enterprise value of 2.85 billion euros, with the deal expected to close in the first half of 2026.

Strategic Importance

This acquisition significantly enhances Air Liquide's market position in South Korea, a key player in the global industrial gas market. South Korea is recognized for its dynamic economy and expanding sectors such as electronics, clean energy, and mobility. The acquisition aligns with Air Liquide's strategy to invest in high-growth markets and leverage synergies for profitable growth.

Financial Details

DIG Airgas reported an annual turnover of 510 million euros in 2024. The acquisition will be financed through a structured bridge loan, with plans for refinancing via bond issues. The EBITDA multiple for the transaction is 20.2, which reduces to 14.8 when considering DIG Airgas's backlog of signed projects and cost synergies.

Operational Impact

DIG Airgas operates 60 plants and 220 kilometers of pipeline networks, employing around 550 people. The company has a diversified business portfolio, supplying essential industrial gases to key sectors, including electronics and semiconductors. Under Macquarie's ownership, DIG Airgas expanded its customer base and entered new growth industries like secondary batteries.

Future Prospects

Air Liquide aims to strengthen its local presence and contribute to South Korea's industrial ecosystem. The acquisition is expected to deliver synergies and secure growth from DIG Airgas's investment backlog, supporting Air Liquide's long-term commitment to the region.