Air Liquide Acquiring Airgas for $13.4 Billion
"Airgas customers and employees will benefit from Air Liquide's unrivaled global footprint and strength in technology, innovation, and operational efficiency, while Airgas is ready to bring the entrepreneurial culture and packaged gas excellence that have driven our success to date," Airgas Executive Chairman Peter McCausland said.
Paris-based Air Liquide announced Nov. 17 that it has agreed to acquire Radnor, Pa.-based Airgas for $143 per share in cash, or $13.4 billion overall on a fully diluted basis and including the assumption of Airgas' debt. Air Liquide called the deal a "game-changing acquisition" and said Airgas will become a wholly owned subsidiary of Air Liquide.
Airgas is a leading supplier of industrial gases and safety equipment.
"This combination offers significant benefits for all of our stakeholders due to the highly complementary nature of the two businesses. It also advances Air Liquide's vision to lead the industry and deliver long-term performance while acting responsibly," said Benoît Potier, chairman and CEO of Air Liquide. "This acquisition increases our geographic reach in the resilient U.S. market and offers continuous growth opportunities. Airgas is the industry leader in U.S. packaged gases with a customer-centric organization, and we are confident in our ability to successfully combine operations. Airgas is a unique partner, and together we will continue to advance our strategy based on profitable growth and innovation over the long term."
Airgas Executive Chairman Peter McCausland described the acquisition as "compelling for our shareholders" and added, "Airgas customers and employees will benefit from Air Liquide's unrivaled global footprint and strength in technology, innovation, and operational efficiency, while Airgas is ready to bring the entrepreneurial culture and packaged gas excellence that have driven our success to date."
Airgas posted revenues of $5.3 billion in the fiscal year that ended March 31, 2015.