Airgas recently agreed to be acquired by French competitor Air Liquide for USD $143 a share, over 100% higher than the 2011 offer it fended off. The cash deal values Airgas at $13.4 billion when including its outstanding debt, and brings together two complementary businesses. Airgas is a leader in packaged gases, while Air Liquide is a leader in services. The deal will also bolster Air Liquide’s business in North America.
The combined company will be the largest industrial gas firm in the world, and the merger is expected to generate over $300 million in pre-tax synergies within two-to-three years of the deal’s close.