Air Liquide to acquire South Korea’s DIG Airgas in €2.85B deal
Acquisition strengthens French industrial gas leader’s position in one of the world’s fastest-growing markets.
Air Liquide has announced the signing of a binding agreement with Macquarie Asia-Pacific Infrastructure Fund 2 to acquire DIG Airgas, a leading industrial gas company in South Korea. The transaction, valued at €2.85 billion, is expected to close in the first half of 2026, subject to regulatory approvals.
Founded in 1979, DIG Airgas operates 60 plants and a 220-kilometer pipeline network, employing around 550 people. In 2024, it reported revenues of €510 million. The company has a strong presence across South Korea’s industrial basins and supplies key sectors including electronics, semiconductors, and secondary batteries. Under Macquarie’s ownership, DIG has grown into one of the country’s largest industrial gas players, securing nearly 20 major projects in high-growth industries.
Air Liquide has been active in South Korea for over 30 years, providing advanced gas solutions, healthcare services, and technologies for industries ranging from electronics to clean energy. The acquisition is expected to create a “reference player” in the Korean market, according to Air Liquide CEO François Jackow.
“With this major acquisition, Air Liquide demonstrates once again its ability to strategically invest for profitable growth,” Jackow said. “Korea is leading the next waves of development in semiconductors, clean energy and mobility. This opportunity will contribute to the net profit growth of the Group as soon as one year after integration.”
The deal highlights Air Liquide’s ambition to reinforce its leadership in Asia and globally in the electronics sector. By integrating DIG’s assets and customer portfolio, the French company aims to capture new growth opportunities while delivering synergies across operations.
