Air Liquide and Airgas announced an agreement under which Air Liquide will acquire Airgas. Airgas is one of the largest suppliers of industrial, medical and specialty gases in the US. Air Liquide supplies gases, technologies and services and operates in 80 countries. Its US base is in Hoouston.

In the transaction, Airgas will become a wholly-owned subsidiary of Air Liquide. 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) on a fully diluted basis and including the assumption of Airgas debt.

The transaction has been unanimously approved by each company’s boards of directors. It is subject to Airgas shareholders’ approval, receipt of necessary antitrust and other regulatory approvals and other customary conditions and provisions. The two parties wish to proceed swiftly.

• Air Liquide, Paris, France
• Airgas, Inc., Radnor, PA, USA