Air Liquide Agrees to Buy US-Based Airgas Inc.
The move also would combine two of the largest corporate-owned truck fleets in the region.
Airgas ranks No. 24 on the Transport Topics Top 100 list of largest private carriers in North America with a fleet of 1,410 tractors, 2,781 straight trucks, 1,236 trucks and cargo vans and 3,857 trailers. American Air Liquide Holdings, based in Houston, ranks No. 70 with 529 tractors, 57 straight trucks and 1,244 trailers.
“This acquisition increases our geographic reach in the resilient U.S. market and offers continuous growth opportunities,” Air Liquide Chairman and CEO Benoit Potier said in a statement Nov. 17.
Air Liquide operates in 80 countries, with sales in North America accounting for 24% of annual revenue of $20.4 billion.
Peter McCausland, executive chairman of Airgas, based in Radnor, Pennsylvania, said customers and employees will benefit from Air Liquide’s global footprint and strength in technology, innovation and operational efficiency.
“Airgas is ready to bring the entrepreneurial culture and packaged gas excellence that have driven our success to date,” he said.
Airgas has more than 1,100 locations in North America and reported revenue of $5.3 billion in 2014.
Under terms of the buyout, which remains subject to regulatory approval, shareholders of Airgas will receive $143 per share in cash, which along with the assumption of debt, represents total enterprise value of $13.4 billion.
