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Air Liquide (AI) investor relations material
Air Liquide M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary22 Aug, 2025
Deal rationale and strategic fit
Acquisition strengthens positioning in South Korea, a top global industrial gas market expected to double in size by 2035 and become the second largest in Asia within 10 years.
Complements existing operations, doubling local size and expanding presence in electronics, clean energy, mobility, and biopharma sectors.
DIG brings a diversified portfolio, strong national footprint with 60 plants, 220 km of pipelines, and a backlog of nearly 20 secured projects.
Provides a platform for innovation and future growth in advanced manufacturing, AI, clean mobility, and decarbonization.
Leverages long-standing customer relationships and a proven local execution team.
Financial terms and conditions
Enterprise value of €2.85 billion (₩4.6 trillion) for 100% of shares, representing a 20.2x 2024 EBITDA multiple, reduced to 14.8x including secured backlog and synergies.
€240 million investment backlog secured by long-term contracts across 19 projects.
Deal financed by a structured bridge loan, to be refinanced by bond issues, maintaining A-category credit rating.
Transaction structured on a locked-box basis as of 31/12/2024.
Expected neutral net profit impact before PPA in year one, accretive after one year, with ROCE above 10%.
Synergies and expected cost savings
Minimum €15 million annual EBITDA from cost synergies by 2030 through procurement, business service centers, and operational efficiencies.
Over €50 million additional EBITDA from secured project backlog by 2030.
Growth synergies from technology transfer, innovation, and expanded product offerings.
Highly executable synergies expected due to complementary operations, further reducing the effective acquisition multiple.
Secured growth from DIG’s investment backlog and signed long-term contracts.
Why re-enter Korea after 2014 exit?
Who funds DIG's EUR 240M backlog CapEx?
Impact of Korean pet-chem capacity cuts?
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Next Air Liquide earnings date
AGM 202513 Oct, 2025
Next Air Liquide earnings date
AGM 202513 Oct, 2025
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Frequently asked questions
L'Air Liquide S.A. provides industrial gases and services to various industries including medical, chemical, and electronic sectors. Its products include oxygen, nitrogen, and hydrogen, along with solutions for energy transition and healthcare. The company primarily serves customers in industrial production, healthcare, and technology sectors. L'Air Liquide S.A. is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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