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Air liquid: buying dig airgas:
(BFM Stock Exchange) – The French industrial gas specialist announced this Friday. In addition, August 22, the DIG Airgas buy -in project, a Korean player, for a price of 2.85 billion euros. In addition, The operation shows a high multiple representing 20.2 times the gross operating result. Nevertheless, But the strong growth of the industrial gas market in Korea. Therefore, the promised synergies should be able to justify this price.
Air liquid puts big on the boom in the industrial gas market in Korea. For example, The CAC 40 resident announced this Friday. Consequently, August 22, the DIG Airgas acquisition project, a South Korean group specialist on Friday, August 22, currently owned by Macquarie, an Australian investment company. For example,
The announcement is not completely a surprise for the market. Furthermore, Press agencies indicated in 2023 that Macquarie intended to air liquid: buying dig airgas sell Dig Airgas. Similarly, Last June. Reuters reported that the Australian company had put the Korean gas producer on the market, with, among the potential buyers cited, Air Liquide, as well as KKR and Brookfield investment companies.
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An acquisition at 2.8 billion euros – Air liquid: buying dig airgas
Founded in 1979. DIG Airgas produces industrial gases for specialty electronics and semiconductors, with also what are called “ultra-clear” gases, that is to say with a very high concentration of the Gazble and the virtual absence of other substances (such as oxygen), considered as “impurities”. According to Reuters, Dig Airgas is the third producer of industrial gas in South Korea.
The company generated 752 billion in income in 2024, or 510 million euros, and has 60 factories for a total of 550 employees.
The acquisition price air liquid: buying dig airgas announced by Air Liquide amounts to 4.600 billion wons, or 2.85 billion euros, in business value (that is to say debt included). This is simply the largest acquisition announced by the French group in 10 years. the acquisition of the American Airgas (not to be confused with Dig Airgas therefore) for around 12.5 billion euros, in 2015.
The price of 2.85 billion for the repurchase of DIG Airgas implies a multiple representing 20.2 times the gross operating result (EBITDA) of the Korean company.
At first glance, this multiple has something to make. By way of comparison, according to AlphaValue data, Air Liquide is valued (in corporate value) 13.1 times its Ebitda expected in 2026, its great German-American rival Linde 18.1 times, and the American Air Products 13.8 times.
In addition. Reuters reported in June and July, that Macquarie hoped to make a valuation of Dig Airgas between 18 and air liquid: buying dig airgas 20 times the Ebitda. The figure announced by Air Liquide therefore falls a little above the high terminal.
Synergies and an important order book
However, the scholarship does not sprinkle following this announcement. The Air Liquide action is stable in Paris around 11:30 am, after opening (slightly) in the red.
“The multiple valuation ‘Headline’ (at first glance. editor’s note) is high but Dig Airgas has a very important command book and it is advisable to add synergies”, tempers a financial intermediary.
Air Liquide evolves in a very capital sector where its projects are in the long term. However, with a portfolio of 20 secure projects, DIG Airgas offers significant visibility in terms of growth and future income.
Air Liquide thus believes that. taking into account the DIG Airgas command book and future cost synergies induced by the operation, the acquisition multiple drops to 14.8 times the expected ebitda, in air liquid: buying dig airgas business value.
In a presentation published on Friday afternoon. the French company said he expected that cost synergies increase the Dig Airgas Ebitda by 15 million euros by 2030, while the order book would add more than 50 million euros in Ebitda to the same horizon.
The multiple “decreases even more if we take into account the other growth synergies which will be generated by this very complementary acquisition”. adds Air Liquide.
The company has not quantified these income synergies. The two companies are present in different geographic areas in South Korea as well as on additional products.
In electronics. Air Liquide is present in advanced materials when Dig Airgas is present in so -called “vectors” gases (like Argon). In health, Air Liquide offers home health solutions when Dig Airgas serves hospitals.
In addition. the director general, François Jackow, indicated that the operation would have a positive impact air liquid: buying dig airgas on the net profit of Air Liquide from the first year following the closure of the transaction, expected in the first half of 2026.
A Korean market dedicated to double
Beyond the financial virtues of this operation. Air Liquide mainly puts the high price to strengthen in a country with promising prospects.
South Korea is certainly only the 13th world economy. but it is the 4th world industrial gas market, and the second country in terms of innovation spending ratio on gross domestic product.
The Korean economy is very turned to voracious sectors in industrial gas. such as biopharmacy, energy transition and of course on electronics and semiconductors, with the presence of the global giant Samsung.
Semiconductors. for example, require ultra pure gases to be produced, because their manufacturing process involves inscriptions of printed circuits on very thin strips. The slightest impurity can thus fail their manufacture.
The boom air liquid: buying dig airgas of artificial intelligence should further accelerate demand. According to the company Horizon Grand View Research. the growth of the industrial gas market in South Korea is expected to reach 8.6% per year over the period 2024-2030. Air Liquide, for its part, expects market to double by 2035. In other words, the CAC 40 group is making a (big) bet on the future.
Julien Marion – © 2025 BFM Bourse
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