- Air Liquide to acquire U.S.-based Airgas for U.S. $143 per share in cash, or a total enterprise value of $13.4 billion
- Game-changing combination that strengthens Air Liquide’s global leadership with #1 position in North America, complementing its #1 positions in Europe, Africa / Middle East and Asia-Pacific, and provides new opportunities to Airgas customers
- Air Liquide ideally positioned for future growth with a stronger presence in the U.S., the largest industrial gases market in the world
- The transaction is expected to be accretive from year one
- Combined company to deliver greater value, service and innovation to customers in North America and around the world
Paris, France, and Radnor (Pennsylvania), USA – 17 November 2015 – Air Liquide (Euronext Paris: AI), world leader in gases, technologies and services for Industry and Health, and Airgas (NYSE: ARG), one of the leading suppliers of industrial gases and associated products and services in the U.S., today announced an agreement under which Air Liquide will acquire Airgas. Airgas shareholders will receive $143 per share in cash for all outstanding shares of Airgas, representing a total enterprise value of $13.4 billion (€12.5 billion at current exchange rates1) on a fully diluted basis and including the assumption of Airgas debt.
The transaction represents a premium of +50.6% to Airgas’ one month average share price, prior to the announcement of the transaction, and of +20.3% over Airgas’ 52-week high share price1.
In the transaction, Airgas will become a wholly-owned subsidiary of Air Liquide.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is one of the nation's leading suppliers of industrial, medical and specialty gases, and hardgoods, such as welding equipment and related products. Airgas is a leading U.S. producer of atmospheric gases with 16 air separation plants, a leading producer of carbon dioxide, dry ice, and nitrous oxide, one of the largest U.S. suppliers of safety products, and a leading U.S. supplier of refrigerants, ammonia products, and process chemicals. Approximately 17,000 associates work in more than 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also markets its products and services through e-Business, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com.
Investor Contact:
Joseph Marczely 610-263-8277
joseph.marczely@airgas.com
Media Contact:
Sarah Boxler 610-263-8260
sarah.boxler@airgas.com