Another billion-dollar merger in the chemical industry

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On August 22, the French company Air Liquide announced that it had reached an agreement with the Macquarie Asia-Pacific Infrastructure Fund II to acquire the South Korean chemical company DIG Airgas; the transaction is expected to be completed in the first half of 2026. 　　The proposed enterprise value for this acquisition is 2.85 billion euros (4.6 trillion won, approximately 23.7 billion yuan). Air Liquide stated that this acquisition represents an important strategic milestone for the company, and it will significantly enhance its market position in South Korea. 　　Founded in 1979, DIG Airgas is one of South Korea’s largest industrial gas companies. It has nearly 550 employees, 60 factories, and a pipeline network spanning 220 kilometers. Its turnover in 2024 was 510 million euros (752 billion won). 　　It is reported that this transaction values DIG Airgas at 2.85 billion euros/4.6 trillion won, which is equivalent to 20.2 times its EBITDA for 2024.