Air Liquide SA has announced the signing of a binding agreement with Macquarie Asia-Pacific Infrastructure Fund 2 (Sydney) for the acquisition of DIG Airgas (Seoul, South Korea), a prominent industrial gas company, as per Chemweek.
The transaction is expected to close in the first semester of 2026 and is valued at an enterprise value of €2.85 billion for 100% of the shares, representing an EBITDA 2024 multiple of 20.2. However, when considering DIG Airgas’ backlog of signed projects and potential cost synergies, the EBITDA multiple is adjusted to 14.8, with further reductions anticipated from additional growth synergies stemming from this complementary acquisition.
To support this acquisition, Air Liquide will utilize a structured bridge loan, which will later be refinanced through bond issues.
This acquisition marks a pivotal milestone for Air Liquide, significantly enhancing its market position in South Korea, which stands as the sixth largest manufacturing country by GDP and the fourth largest industrial gas market globally. The country is also recognized for its robust innovation spending ratio, making it an attractive market for industrial gas solutions. Air Liquide highlighted South Korea's dynamic economy, particularly its rapidly expanding sectors in electronics, clean energy, mobility and bio-pharma.
DIG Airgas, founded in 1979, boasts an annual turnover of €510 million in 2024 and employs nearly 550 people across 60 plants with an extensive pipeline network of 220 km. DIG Airgas supplies essential industrial gases to key customers in various sectors, including major players in the electronics industry and other prominent South Korean industrial leaders.
Under Macquarie Asset Management’s ownership over the past six years, DIG Airgas has emerged as one of the largest industrial gas players in Korea, diversifying its customer base and expanding into high-growth industries, such as semiconductors and secondary batteries. The company is well-positioned to capitalize on new business opportunities, including securing mega projects in these burgeoning sectors, Air Liquide said.
With over three decades of operations in South Korea, Air Liquide said it has established itself as a trusted local player and business partner, providing advanced gas solutions and technologies, as well as home healthcare services. The acquisition of DIG Airgas is expected to enhance Air Liquide’s local presence and operational density.
mrchub.com