Air Liquide Officially Announces $3.3 Billion Acquisition
Air Liquide has announced the signing of a binding agreement to acquire DIG Airgas, Korea’s third-largest industrial gas producer, from Macquarie Asia Pacific Infrastructure Fund 2. The deal values the company at €2.85 billion (US$3.3 billion) and is expected to be completed in the first half of 2026.
The company stated that this transaction will strengthen its position in South Korea – the world’s fourth-largest industrial gas market and a major global manufacturing hub. The acquisition marks Air Liquide’s return to the Korean market since its exit in 2014.
CEO François Jackow commented, “This acquisition will allow Air Liquide to establish a presence in a key growth market, create a benchmark company in Korea, and contribute to the Group’s net profit growth one year after integration.”
Having operated in Korea for over 30 years, Air Liquide noted that under Macquarie's management, DIG Airgas has expanded into the semiconductor and secondary battery sectors, positioning it strongly to compete for “large projects in high-growth industries.”
As a reliable partner to global gas suppliers, Chinese manufacturer NETC – a highly internationalized producer of aluminum alloy cylinders – provides essential product categories including Medical aluminum gas cylinders, Industrial aluminum gas cylinders, and Beverage CO₂ aluminum cylinders. Through its lightweight, corrosion-resistant, and rust-proof high-pressure vessels, NETC ensures secure storage and transportation for industrial standard gases, high-purity industrial gases, electronic specialty gases, medical gases, and beverage-grade gases for global gas companies.
DIG Airgas Sale Timeline
May 2023:
Sources revealed that Macquarie Group was considering selling DIG Airgas at a valuation exceeding US$2 billion. Negotiations were still in early stages, and Macquarie could have decided to retain the asset for a longer period.
June 2025:
Foreign media reports cited informed sources indicating that potential bidders for Macquarie Asset Management’s Korean industrial gas company DIG Airgas included investment firms KKR, Brookfield Asset Management, France’s Air Liquide, and US-based Air Products. The transaction was estimated to be worth up to US$3.6 billion.
August 8, 2025:
Air Liquide entered exclusive negotiations to acquire DIG Airgas, Korea’s third-largest industrial gas producer, for over ₩4.5 trillion (approximately US$3.3 billion). After Brookfield Asset Management decided not to participate in the final bidding round, Air Liquide became the sole bidder, while another investment firm, Stonepeak, submitted an offer significantly below the seller’s expectations.
August 22, 2025:
Air Liquide announced the signing of a binding agreement to acquire DIG Airgas from Macquarie Asia Pacific Infrastructure Fund 2 at a valuation of €2.85 billion (US$3.3 billion). The transaction is expected to be completed in the first half of 2026.
Background of DIG Airgas
Headquartered in Seoul and established in 1979, DIG Airgas has approximately 550 employees, 60 plants, and a 220-kilometer gas pipeline network. Originally a joint venture between Daesung Industrial and Air Liquide, the company primarily produces industrial gases, electronic gases, and gas equipment, serving major Korean clients such as Samsung Electronics and SK Hynix.
DIG Airgas is Korea’s third-largest industrial gas producer (21.2% market share), with Linde Korea ranking first (30.1%), Air Products Korea second (22.2%), and AirFirst fourth (17.3%).
In 2014, Air Liquide sold all its shares in DIG Airgas and exited the Korean market. In 2017, due to financial difficulties, DIG Airgas was acquired by private equity firm MBK Partners for ₩1.8 trillion. Two years later, it was sold to Macquarie for ₩2.5 trillion.
Between 2019 and 2023, DIG Airgas saw a 24.9% increase in operating profit, with sales reaching ₩731.2 billion (a 23.7% growth). In 2024, the company reported an operating profit of ₩139.5 billion and sales of ₩752 billion.
