Air Liquide has raised €2.15bn ($2.27bn) through a bond issuance to finance the acquisition of South Korean group DIG Airgas. The deal, announced in August, represents the French group’s largest acquisition since its 2015 purchase of US-based Airgas.
A multi-maturity bond issuance
The financing was structured in bonds with maturities ranging from 2 to 12 years. Air Liquide stated that the weighted average interest rate remained below 3%, without disclosing further details about the individual tranches. This debt raising forms part of the group’s strategy to strengthen its industrial footprint in Asia, a region identified as a priority for its business development.
DIG Airgas is described by Air Liquide as an established player in South Korea’s industrial gas market. The group is targeting sectors such as semiconductors, low-carbon technologies and mobility to expand its service offering in the Asia-Pacific region.
A major geographical repositioning
The €2.85bn ($3bn) acquisition of DIG Airgas reflects a strategic shift towards growth markets. Air Liquide’s Chief Executive Officer François Jackow said the transaction is expected to contribute positively to the group’s net profit in the first year following integration, thanks to operational complementarities and nearly 20 secured joint projects.
Completion of the transaction is expected in the first half of 2026, subject to regulatory approvals. This is Air Liquide’s most significant external growth operation in ten years.
Revenue distribution and growth areas
During the first nine months of the year, the group generated €20.3bn ($21.4bn) in revenue, of which €19.7bn ($20.8bn) came from gas and services activities. Regional distribution remains dominated by the Americas (40%) and Europe, Middle East and Africa (40.6%), while Asia-Pacific accounts for 19.5%.
Through this acquisition, Air Liquide aims to strengthen its market share in Asia by capitalising on growing demand in technology and manufacturing industries.
