11.19.15
Air Liquide and Airgas announced an agreement under which Air Liquide will acquire Airgas. Airgas shareholders will receive $143 per share in cash for all outstanding shares of Airgas, representing a total enterprise value of $13.4 billion (€12.5 billion at current exchange rates) on a fully diluted basis and including the assumption of Airgas debt.
The transaction represents a premium of +50.6% to Airgas’ one-month average share price, prior to the announcement of the transaction, and of +20.3% over Airgas’ 52-week high share price.
In the transaction, Airgas will become a wholly owned subsidiary of Air Liquide.
The combination strengthens Air Liquide’s global leadership with its number one position in North America, complementing its number one positions in Europe, Africa/Middle East and Asia-Pacific
“This combination offers significant benefits for all of our stakeholders due to the highly complementary nature of the two businesses,” said Benoit Potier, chairman and CEO of Air Liquide. “ It also advances Air Liquide’s vision to lead the industry and deliver long-term performance while acting responsibly. This acquisition increases our geographic reach in the resilient US market, and offers continuous growth opportunities.”
“We are excited about the prospects of integrating these two businesses to create the largest industrial gas company in the world,” added Peter McCausland, executive chairman of Airgas.
In the US, Airgas’ leadership in the packaged gases business and associated products and services and Air Liquide’s strong footprint in complementary activities will increase the scope and competitiveness of the combined companies’ product offering.
This acquisition gives Air Liquide a greater presence in the US market, the largest for industrial gases worldwide, and will ideally position Air Liquide for future growth.
The combination builds on Air Liquide’s longstanding track record of successfully operating in the US and will benefit from Airgas’ unmatched national presence and its more than 1 million customers in the US.
The acquisition will reinforce Air Liquide’s global leadership position, increasing Gas & Services sales by approximately 30%.
The transaction is subject to Airgas shareholders’ approval, receipt of necessary antitrust and other regulatory approvals and other customary conditions and provisions. The two parties wish to proceed swiftly.
The transaction has been unanimously approved by each of Airgas’ and Air Liquide’s boards of directors.
The transaction represents a premium of +50.6% to Airgas’ one-month average share price, prior to the announcement of the transaction, and of +20.3% over Airgas’ 52-week high share price.
In the transaction, Airgas will become a wholly owned subsidiary of Air Liquide.
The combination strengthens Air Liquide’s global leadership with its number one position in North America, complementing its number one positions in Europe, Africa/Middle East and Asia-Pacific
“This combination offers significant benefits for all of our stakeholders due to the highly complementary nature of the two businesses,” said Benoit Potier, chairman and CEO of Air Liquide. “ It also advances Air Liquide’s vision to lead the industry and deliver long-term performance while acting responsibly. This acquisition increases our geographic reach in the resilient US market, and offers continuous growth opportunities.”
“We are excited about the prospects of integrating these two businesses to create the largest industrial gas company in the world,” added Peter McCausland, executive chairman of Airgas.
In the US, Airgas’ leadership in the packaged gases business and associated products and services and Air Liquide’s strong footprint in complementary activities will increase the scope and competitiveness of the combined companies’ product offering.
This acquisition gives Air Liquide a greater presence in the US market, the largest for industrial gases worldwide, and will ideally position Air Liquide for future growth.
The combination builds on Air Liquide’s longstanding track record of successfully operating in the US and will benefit from Airgas’ unmatched national presence and its more than 1 million customers in the US.
The acquisition will reinforce Air Liquide’s global leadership position, increasing Gas & Services sales by approximately 30%.
The transaction is subject to Airgas shareholders’ approval, receipt of necessary antitrust and other regulatory approvals and other customary conditions and provisions. The two parties wish to proceed swiftly.
The transaction has been unanimously approved by each of Airgas’ and Air Liquide’s boards of directors.