Air Liquide to acquire South Korea’s DIG Airgas for €2.85B, boosting industrial gas presence, synergies, and growth in high-tech sectors.
Air Liquide has officially announced that it has entered into a binding agreement with Macquarie Asia-Pacific Infrastructure Fund 2 to acquire DIG Airgas, a leading integrated industrial gas company in South Korea. The acquisition, valued at an enterprise worth of 2.85 billion euros (approximately 4.6 trillion South Korean won), is projected to be finalized in the first half of 2026, subject to regulatory approvals in South Korea.
This strategic move represents one of Air Liquide’s most significant milestones in Asia, further solidifying its presence in South Korea, a nation recognized as the sixth-largest manufacturing economy globally by GDP and the fourth-largest industrial gas market. South Korea also stands out as the second-highest investor in innovation worldwide, with rapid developments in electronics, clean energy, mobility, and biopharmaceuticals.
Commenting on the acquisition, François Jackow, CEO of Air Liquide, highlighted that this investment aligns with the company’s commitment to profitable long-term growth. He stressed three major benefits:
1. The acquisition strengthens Air Liquide’s position in Korea, a nation at the forefront of technological innovation, particularly in semiconductors, clean energy, and mobility.
2. DIG Airgas is a highly complementary partner, with strong operational assets and a backlog of nearly 20 secured projects, which will support continued growth.
3. The deal was made possible by Air Liquide’s strong financial standing and global footprint, and it is expected to contribute to net profit growth within just one year of integration.
DIG Airgas, established in 1979, has built a strong reputation in South Korea. With a 2024 turnover of 510 million euros (752 billion won), the company employs nearly 550 staff, operates 60 plants, and manages 220 kilometers of pipeline networks. Its diversified business operations serve multiple sectors, with a particular emphasis on electronics and industrial leaders in Korea. Under Macquarie’s ownership over the past six years, DIG Airgas expanded significantly, especially into semiconductors and secondary battery sectors, positioning itself for sustained growth through mega projects.
Air Liquide has operated in South Korea for more than three decades, offering advanced gas solutions, healthcare services, and innovative technologies. This acquisition is expected to enhance its footprint, build density, and reaffirm its role as a long-term, reliable partner in Korea’s industrial and healthcare ecosystem.
From a financial perspective, the transaction values DIG Airgas at a 2024 EBITDA multiple of 20.2, which reduces to 14.8 when factoring in secured project backlogs and cost synergies. With additional growth synergies expected, the valuation becomes even more favorable. Air Liquide plans to finance the deal initially through a structured bridge loan, later refinanced via bond issuance.
Overall, this acquisition not only strengthens Air Liquide’s leadership in Asia and the global electronics sector, but also underlines its long-term dedication to South Korea’s economic growth, industrial innovation, and clean energy transition.
