Air Liquide SA announced Friday it has struck a deal to buy South Korean rival DIG Airgas from funds managed by Macquarie in a transaction valued at €2.85 billion ($3.31 billion). The acquisition is designed to supercharge the French group’s presence in Asia’s high-growth markets, particularly in South Korea, where industrial demand is climbing.
The move positions Air Liquide, already a global heavyweight, to tighten its grip on a region critical to the future of semiconductors, clean energy, and advanced mobility.
How the Deal Will Be Financed
Listed on the Euronext Paris stock exchange, Air Liquide said it will initially fund the purchase through a short-term loan, later refinanced by issuing corporate bonds.
The company expects the deal to close in the first half of 2026, pending clearance from unnamed Korean regulators.
Legal counsel for Air Liquide and Macquarie has not yet been disclosed.
DIG Airgas: A Strategic Prize
Founded in 1979, DIG Airgas has grown into a major player in South Korea’s industrial gas sector. The company posted an annual turnover of 752 billion won ($541 million) in 2024, employing 550 workers across 60 plants connected by a vast 220-kilometer pipeline network.
The business supplies industrial gases to Korea’s electronics leaders and heavy industries, underpinned by 20 long-term contracts already set to generate revenue for its new owner.
