Linde to Sell Americas Assets to Messer and CVC for $3.3 Billion

   By Max Bernhard 
 

Linde AG (LINU.XE) said Monday that it agreed to sell the majority of its North American gases business and some of its activities in South America to a German consortium comprising Messer Group and CVC Capital Partners Fund VII for $3.3 billion.

The German industrial gases company said it deemed the sale necessary to pave the way for the clearance of its proposed merger with Praxair Inc. (PX).

"This sale is still subject to the completion of the proposed business combination of Linde and Praxair and regulatory approvals," it said.

The businesses to be sold in Monday's deal include almost all of Linde's U.S. bulk business, as well as the company's business in Brazil, Canada and Colombia, Linde said.

European Union antitrust authorities opened an in-depth investigation of the proposed tie-up with Praxair in February over concerns that the deal could harm competition for gases, such as oxygen and helium.

Linde and Praxair are in talks with the authorities that still need to approve the deal, which the companies aim to complete in the second half of 2018, Linde said.

Write to Max Bernhard at [e-mail]; @mxbernhard

(END) Dow Jones Newswires

July 16, 2018 07:45 ET (11:45 GMT)

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