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Air Liquide has completed the divestiture of certain U.S. assets to Matheson Tri-Gas, Inc. (“Matheson”), first announced on June 24, 2016, and cleared by the U.S. Federal Trade Commission (“FTC”) in a decision published on September 1, 2016. This divestiture represents the majority of the asset sales required by the FTC in connection with Air Liquide’s acquisition of Airgas.
The transaction includes the sale of eighteen air separation units in sixteen locations; two nitrous oxide production facilities; four liquid carbon dioxide production facilities in four states, including two dry ice production facilities; and three Airgas retail packaged welding gas stores in Alaska. Under the terms of the purchase agreement, Matheson has acquired production facilities, equipment, inventory, distribution assets, and customer contracts, and has also hired employees related to the divested assets.
The transaction, valued at 781 million US dollars, generated a net gain versus book value of approximately 250 million US dollars for Air Liquide.
Michael J. Graff, Member of the Air Liquide Group’s Executive Committee and Executive Vice-President for the Americas, said: “We are pleased to be able to close this transaction and continue with the integration of Airgas.”
Barclays Bank PLC and Cleary Gottlieb Steen & Hamilton LLP served as advisors to Air Liquide on this transaction.