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German industrial gases group Linde AG (OTCPK: LNEGY) and Praxair Inc. (NYSE: PX), Danbury, CT, have entered into a definitive business combination agreement to come together under a new holding company through an all-stock merger of equals transaction. Linde and Praxair expect the transaction to close in the second half of 2018.
The proposed and estimated $70 billion merger – which the companies agreed to last month – unites two of the world's largest gas distributors.
“This combination is a compelling and transformative opportunity to create a world-class leader in the industrial gas industry,” said Steve Angel, CEO of Praxair. “The combined company will give us the opportunity to leverage the individual strengths of both companies across a much larger global footprint and enhance our ability to drive innovation and growth.”
“This merger is a once-in-a-lifetime opportunity to form a great global industrial gas company poised to deliver value for customers, employees and shareholders alike. The new company is well positioned in all key markets and regions and can build on its exceptional R&D expertise,” said Aldo Belloni, CEO of Linde.