Air Liquide, a global leader in industrial gases, has triggered a restructuring of the domestic industrial gases market.

Air Liquide announced on the 22nd that it had signed a binding agreement to acquire DIG Airgas.

The enterprise value of this transaction is 2.85 billion euros (approximately 4.6 trillion won), and the acquisition is expected to be completed in the first half of 2026.

Through this acquisition, Air Liquide plans to significantly strengthen its position in Korea and begin to aggressively target the domestic industrial gas market, which is the world's fourth largest.

Since its establishment in 1979, DIGI Airgas has been supplying high-purity gases to major industries such as semiconductors, secondary batteries, steel, and petrochemicals.

Last year, its sales reached 510 million euros (approximately 752 billion won), and it has 60 plants and a pipeline network spanning 220 kilometers across the country.

In particular, under the direction of Macquarie Asset Management over the past six years, the company has diversified its business into the semiconductor and secondary battery sectors, securing future growth engines.

Air Liquide believes that DIGI Airgas' stable project backlog and extensive industrial network will create high synergy with its own.

François Jacquot, CEO of Air Liquide, said, “Korea is a key player in semiconductors, clean energy, and mobility. “This is a market that is laying the foundation for innovation in the industry,” he said. “With the acquisition of DIGI Airgas, our technological capabilities and local business base are perfectly aligned, and we expect this to contribute to the growth of the group’s net profit within one year of the acquisition.”

The two companies plan to expand cooperation, particularly in the areas of plant operation and process control technology, supply chain optimization, and research and development (R&D).

Air Liquide plans to raise capital through a bridge loan and then refinance it through a bond issue.

In addition, when including the backlog of orders held by DIGI Airgas, the EBITDA (earnings before interest, taxes, depreciation and amortization) multiple compared to the enterprise value is lowered to 14.8 times, making it an even more attractive investment opportunity.

Industry insiders predict that Air Liquide's latest move will trigger a reorganization of the domestic industrial gas market.

With the top domestic companies in market share consistently fragmented into small businesses, large-scale M&As with global companies could be a catalyst for a full-scale competition for technological innovation and expanded investment, according to the analysis.

Air Liquide plans to complete the approval process with Korean competition authorities by the end of this month and begin work to stabilize its local organization.

With this acquisition, Air Liquide aims to strengthen its position as a hub for the electronics industry in the Asian market and secure leadership in future energy solutions such as hydrogen.

The plan is to further enhance the comprehensive solution capabilities provided to global clients by expanding the portfolio to include precision gases, liquefied hydrogen, and biopharmaceuticals.