Paris, France-based industrial gases and services provider Air Liquide agreed to acquire South Korea-based DIG Airgas from Macquarie Asia-Pacific Infrastructure Fund 2 for $3.32 billion (USD).

Founded in 1979, DIG Airgas reported $594.6 million (USD) in revenue for 2024. The company operates 60 plants, a 220-kilometer pipeline network and employs around 550 people. DIG supplies industrial gases across major sectors in South Korea, including electronics and manufacturing.

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Under Macquarie Asset Management’s ownership over the past six years, DIG expanded into semiconductors and secondary batteries, grew its customer base and became one of Korea’s largest industrial gas providers.

Air Liquide said the acquisition strengthens its position in South Korea — the world’s sixth-largest manufacturing economy and fourth-largest industrial gas market — with growing demand in electronics, clean energy, mobility and biopharma.

This will be Air Liquide’s largest acquisition since it bought Pennsylvania-based gases and welding supplies distributor Airgas in 2016 for $13.4 billion.

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“First, this acquisition ideally positions Air Liquide on a major growth market,” Air Liquide CEO François Jackow said in a news release. “Driven by its outstanding innovation and manufacturing capabilities, Korea is leading the next waves of development in key sectors like the semiconductors industry, clean energy and mobility. Second, because it will enable us to build a reference player in the Republic of Korea. Not only are we perfectly complementary in our footprint and activities, but DIG Airgas also already boasts a backlog of nearly 20 secured projects. Finally, this opportunity, which we were able to seize thanks to our strong balance sheet, our ability to leverage synergies and our operational global footprint, will contribute to the net profit growth of the group as soon as one year after group integration.”

The acquisition is backed by a bridge loan and will be refinanced through bond issues. Closing is expected in the first half of 2026, pending regulatory approvals in Korea.