Air Liquide to Acquire Korea’s DIG Airgas for €2.85 Billion

Air Liquide has signed a binding agreement with Macquarie Asia Infrastructure Fund 2 to acquire DIG Airgas, a leading South Korean industrial gas company, for an enterprise value of €2.85 billion. The transaction is expected to close in the first half of 2026.

This acquisition marks a strategic milestone for Air Liquide, significantly strengthening its position in South Korea—one of the world’s top manufacturing economies, the fourth-largest industrial gas market, and a global leader in innovation investment.

François Jackow, CEO of Air Liquide, commented:“Through this major acquisition, Air Liquide reinforces its profitable growth strategy. South Korea offers strong momentum in semiconductors, clean energy, and mobility. DIG Airgas brings a complementary portfolio, nearly 20 confirmed projects, and a strong industrial footprint. Combined with our balance sheet strength, global network, and integration expertise, this acquisition will contribute to net profit growth within a year of closing. We warmly welcome DIG Airgas teams and look forward to building on trusted partnerships with our Korean clients.”

Founded in 1979, DIG Airgas reported 2024 revenues of €510 million (₩752 billion). The company operates 60 plants, a 220 km pipeline network, and employs 550 people, serving a diversified customer base across key industrial sectors, including electronics and advanced manufacturing.

Under Macquarie Asset Management’s ownership since 2018, DIG Airgas has grown into one of Korea’s largest industrial gas companies, expanding into fast-growing sectors such as semiconductors and secondary batteries. Well positioned for future opportunities, DIG Airgas will further accelerate growth under Air Liquide’s global platform.