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.

Air Liquide’s Bet on South Korea

Air Liquide CEO François Jackow called the purchase transformational, noting Korea’s status as a global leader in semiconductors and clean energy.

“Korea is leading the next waves of development in key sectors like the semiconductor industry, clean energy and mobility,” Jackow said.

The deal will complement Air Liquide’s existing operations in South Korea and cement its foothold in one of the world’s largest manufacturing economies.

The Bigger Energy Picture

South Korea’s industrial growth is only set to accelerate. A 2024 study from the Korea Energy Economics Institute projected the nation’s primary energy demand will climb 2% in 2024 and another 0.5% in 2025, largely fueled by its expanding manufacturing sector.

Air Liquide, already a global leader in gases, is betting heavily that Korea’s hunger for innovation — and energy — will keep demand soaring.

Neither Air Liquide nor Macquarie provided immediate comment beyond the deal announcement.