French industrial gases giant Air Liquide has entered into a binding agreement to acquire South Korea’s DIG Airgas from Macquarie Asia-Pacific Infrastructure Fund 2 in a deal valued at €2.85 billion ($3.3 billion).
The acquisition, which marks Air Liquide’s biggest deal in ten years, is aimed at strengthening its footprint in South Korea — the world’s fourth-largest industrial gas market and a global hub for advanced manufacturing.
Air Liquide, which provides gases, technologies, and home healthcare solutions, said the transaction would deliver a positive impact on net profit within the first year of integration.
“This opportunity … will contribute to the net profit growth of the Group as soon as one year after integration,” said CEO François Jackow in a statement.
According to Macquarie, DIG Airgas currently holds an enterprise value of 4.85 trillion won ($3.5 billion), while the deal valuation is based on accounts as of December 2024. 
Despite the announcement, Air Liquide’s shares remained largely unchanged. Analysts at Jefferies noted that while the transaction multiple appeared high compared to sector valuations, the deal still represented a “minor strategic positive” given the limited M&A opportunities in the industrial gases industry. The acquisition is expected to be completed in the first half of 2026, subject to regulatory approvals in South Korea.
Air Liquide, which has been present in the country for over 30 years, highlighted that DIG Airgas had expanded under Macquarie’s ownership into the semiconductor and secondary battery sectors, positioning it well for upcoming mega projects in high-growth industries.
DIG Airgas generated €510 million in revenue in 2024, employs around 550 staff, and operates approximately 60 plants alongside 220 km (140 miles) of pipelines.
($1 = 0.8633 euros)
($1 = 1,391.22 won)
