Air Liquide to acquire DIG Airgas in €2.85bn deal, expanding South Korean footprint
Air Liquide has signed a binding agreement with Macquarie Asia-Pacific Infrastructure Fund 2 to acquire DIG Airgas, one of South Korea’s leading industrial gas companies, in a transaction valued at €2.85 billion. The deal, subject to regulatory approvals, is expected to close in the first half of 2026.
The acquisition marks a major strategic milestone for Air Liquide, strengthening its market position in South Korea – the world’s sixth-largest manufacturing economy, the fourth-largest industrial gas market, and a global leader in innovation spending.
DIG Airgas, founded in 1979, operates 60 plants and 220 kilometres of pipeline networks across the country. With 550 employees, the company generated revenues of €510 million in 2024. Its customer base spans key industrial sectors, including electronics, clean energy, mobility, biopharma and semiconductors.
Under Macquarie Asset Management’s ownership over the past six years, DIG has expanded its portfolio, diversifying into growth industries such as secondary batteries. The company currently holds a backlog of nearly 20 secured projects, positioning it to capture additional opportunities in Korea’s dynamic industrial landscape.
François Jackow, Chief Executive Officer of Air Liquide, said the acquisition reinforces the Group’s growth strategy in Asia: “With this major acquisition, Air Liquide demonstrates once again its ability to strategically invest for profitable growth. Korea is leading the next waves of development in semiconductors, clean energy and mobility, and this transaction ideally positions us to serve these markets. DIG Airgas is highly complementary to our existing activities, and the combination will generate synergies and net profit growth for the Group within one year of integration.”
Air Liquide has been present in South Korea for more than three decades, supplying advanced gas solutions, technologies and home healthcare services. The acquisition will deepen its presence in the country and reinforce its role as a long-term partner in Korea’s industrial, healthcare and energy transition ecosystems.
The transaction values DIG Airgas at an EBITDA 2024 multiple of 20.2, which falls to 14.8 after factoring in secured projects and synergies, and even lower once additional growth opportunities are considered. The acquisition will be financed through a structured bridge loan, later refinanced via bond issues.
By integrating DIG Airgas, Air Liquide aims to consolidate its leadership in Asia and strengthen its position in high-growth industries, particularly electronics and semiconductors, while contributing to Korea’s wider economic development.
