Air Liquide to Buy Airgas

By Maria Armental 

Air Liquide SA agreed to buy U.S.-based Airgas Inc. in a deal valued at $13.4 billion, including debt, that would strengthen the French industrial-gas leader's position in North America.

Bloomberg reported the negotiations earlier Tuesday, citing people familiar with the discussions.

Under the deal's terms, Air Liquide would pay Airgas shareholders $143 a share. Earlier Tuesday, Airgas's shares were halted for trading at $114.04.

The deal, unanimously approved by the companies' respective boards, is subject to regulatory and Airgas shareholders' approval.

Based in Paris, Air Liquide has operations in 80 countries and supplies customers across a swath of sectors, from the steel industry to the pharmaceuticals to hydrogen-recharging stations for cars. With its Americas' headquarters in Houston, Air Liquide has more than 140 industrial gas plants in the U.S.

In 2014, Air Liquide reported EUR15.4 billion in revenue.

Radnor, Pa.-based Airgas is one of the largest suppliers of industrial, medical and specialty gases in the U.S. and one of the largest producers of atmospheric gases, including oxygen, nitrogen and argon. For the year ended March 31, it reported $5.30 billion in sales, with the bulk of its operations focused on the U.S.

Write to Maria Armental at [e-mail]

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November 17, 2015 14:52 ET (19:52 GMT)

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