PARIS: French industrial gas giant Air Liquide said on Friday it has signed a binding agreement to acquire DIG Airgas, one of South Korea’s leading integrated gas companies, in a deal valued at €2.85 billion ($3.1 billion). The transaction, expected to close in the first half of 2026, marks a strategic push into Asia’s fast-growing electronics and clean energy sectors.
The acquisition from Macquarie Asia-Pacific Infrastructure Fund 2 will significantly bolster Air Liquide’s presence in South Korea, the world’s fourth-largest industrial gas market and a global leader in semiconductor and mobility innovation.
DIG Airgas, founded in 1979, operates 60 plants and 220 kilometers of pipeline networks across South Korea, serving electronics, biopharma, and industrial clients. The company posted €510 million in revenue in 2024 and has a backlog of nearly 20 secured projects.
“With this major acquisition, Air Liquide demonstrates once again its ability to strategically invest for profitable growth,” said CEO François Jackow. “DIG Airgas brings strong complementarities and immediate synergies that will contribute to net profit growth within a year of integration.”
The deal will be financed through a structured bridge loan and subsequent bond issues, pending regulatory approvals in South Korea.
Air Liquide, which generated over €27 billion in revenue last year, said the move aligns with its ADVANCE strategic plan, reinforcing its commitment to innovation, energy transition, and healthcare solutions across Asia.