Praxair to Sell European Assets to Taiyo Nippon Sanso

Transaction Overview

Praxair, Inc. has signed an agreement to sell the majority of its European businesses to Taiyo Nippon Sanso Corporation for 5 billion euros in cash. These businesses generated annual sales of approximately 1.3 billion euros in 2017. The transaction is subject to customary adjustments at closing and is contingent on the successful completion of the Praxair-Linde merger and other regulatory approvals.

Assets and Employees

The assets being sold include Praxair’s industrial gases businesses in Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, and the United Kingdom. Approximately 2,500 employees are part of this transaction. Praxair will continue to own, operate, and maintain these businesses until the closing of the merger and the European divestiture transaction.

Regulatory and Merger Details

Praxair and Linde are working diligently with relevant antitrust authorities to close the merger during the second half of 2018. The agreement with Taiyo Nippon Sanso is a strategic move to address regulatory concerns in the European Economic Area related to the merger.

Advisors

Credit Suisse Securities acted as exclusive financial advisors to Praxair, with McDermott Will & Emery UK LLP serving as legal advisors. Mizuho Securities acted as primary financial advisors to Taiyo Nippon Sanso Corporation, with Greenberg Traurig LLP as legal advisors.

Forward-looking Statements

This communication includes forward-looking statements based on current beliefs and assumptions. These statements involve risks and uncertainties that may cause actual results to differ materially. Factors affecting these outcomes include regulatory approvals, integration success, market conditions, and other risks detailed in public filings.