Linde plc (NasdaqGS:LIN) is looking for acquisitions. During the Linde Fourth Quarter 2025 Earnings Call and Webcast, Sanjiv Lamba, Chief Executive Officer, said, "We also continue to see a robust M&A pipeline for accretive tuck-in acquisitions that further enhance our supply density." Matthew White, Chief Financial Officer, said, "As far as how we think about them, we -- number one, we buy into density. We want to buy into our core strength, and we're buying based on synergies.
We justify these on the synergies we can bring with our existing network and our existing density. We don't really tend to speculate on the growth around them. So any growth we can achieve is usually upside to the model.
And as far as the sentiment, yes, I would say a lot of these are regional players. They're generally smaller independents. The concentration of that right now is more in North America.
There is some in parts of Asia, we're seeing in China and in South Pacific area. That's where you tend to see a little bit more of the independent opportunities. So this is something that we've been doing for a long time.
We have a very strong capability on not just identifying and acquiring but more importantly, integrating and achieving the synergies that we set forth. So it's absolutely integral to our growth, but we also are not going to lose our discipline and we're not going to get out of our swim lane, so to speak. So expect to continue to see these kind of numbers and where opportunities present themselves for larger ones, we will absolutely be in the mix.
And we'll make sure we continue to apply our investment criteria for each incremental opportunity." "So we started an M&A timing, I would say that for an average M&A deal, generally, we tend to see full run rate synergies within 12 to 24 months on full run rate.
