L'Air Liquide S.A. (ENXTPA:AI) acquired DIG Airgas Co., Ltd. from Macquarie Asia Infrastructure Fund 2 LP a fund managed by Macquarie Asset Management Pty Limited.
L'Air Liquide S.A. (ENXTPA:AI) signed a binding agreement to acquire DIG Airgas Co., Ltd. from Macquarie Asia Infrastructure Fund 2 LP a fund managed by Macquarie Asset Management Pty Limited for an enterprise value of KRW 4.6 trillion on August 22, 2025. This major acquisition marks a significant strategic milestone for Air Liquide, substantially strengthening its market position in South Korea - the 6th largest manufacturing country by GDP, the 4th largest Industrial Gas market and the 2nd country in innovation spending ratio. It is recognized globally for its highly dynamic economy and rapidly expanding electronics, clean energy, mobility and Bio-Pharma sectors. This acquisition is supported by a structured bridge loan. It will be (re)financed by bond issues. The financing of this acquisition was secured through the arrangement of a bridge loan fully underwritten by Deutsche Bank AG, Luxembourg branch, with Deutsche Bank AG acting as mandated lead arranger and bookrunner.
The closing of this acquisition is expected in the first semester of 2026, following the completion of Korean relevant regulatory clearances.
Goldman Sachs Australia Equity Pty. Ltd. acted as financial advisor to Macquarie Asset Management Pty Limited. Grégoire Karila of White & Case LLP (Paris) act as legal advisor for L'Air Liquide S.A. on a KRW 3.6 trillion (?2.15 billion) multi-tranche bond to finance its acquisition of DIG Airgas. Julien Roux, Tristan Jambu-Merlin, Mathieu Vignon, Parya Badie and Paul Allan of A&O Shearman has advised Deutsche Bank on the financing of Air Liquide?s acquisition of DIG Airgas.
L'Air Liquide S.A. (ENXTPA:AI) completed the acquisition of DIG Airgas Co., Ltd. from Macquarie Asia Infrastructure Fund 2 LP a fund managed by Macquarie Asset Management Pty Limited on January 13, 2026.
L'Air Liquide is one of the world leaders in industrial and medical gas production. Net sales break down by activity as follows:
- industrial and medical gases production (95.4%): oxygen, nitrogen, hydrogen, synthesized gases. The group also supplies control equipment and services for fluid systems, gas and liquid chemical management, home care and hospital hygiene services, and operating room equipment. Net sales break down by market as follows: industries (73.7%), healthcare (16.6%) and electronics (9.7%);
- other (4.6%): engineering activities related to gas production plant construction and high-tech product manufacturing.
Net sales are distributed geographically as follows: France (12%), Europe/Middle East/Africa (28.6%), the United States (33.4%), Americas (5.9%) and Asia/Pacific (20.1%).
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L'Air Liquide S.A. (ENXTPA: AI) acquired DIG Airgas Co., Ltd. from Macquarie Asia Infrastructure Fund 2 LP a fund managed by Macquarie Asset Management Pty Limited.
