Confirmation of the deal, which is expected to close in the first semester of 2026, comes after the French industrial gases major was shortlisted for the final bidding round last month.

Air Liquide said the acquisition “substantially strengthens” its market position in South Korea, which is the sixth largest manufacturing country by GDP and fourth largest industrial gas market.

Under Macquarie Asset Management’s ownership over the last six years, DIG has become one of the largest industrial gas players in Korea to operate 60 plants and 220km of pipeline networks.

It also has a foothold in the hydrogen space, which is witnessing substantial support from the Korean government, as it aims to position the country as a global hydrogen hub by 2030.

Currently, DIG Airgas operates a 60km hydrogen pipeline network and serves industrial titans like Samsung Electronics and SK Hynix with gases, including hydrogen, for semiconductor manufacturing.

François Jackow, CEO of Air Liquide, said the deal demonstrates its ability to invest strategically for profitable growth in Asia – particularly in the fast-growing electronics sector – and cited three key reasons for the purchase.

“Driven by its outstanding innovation and manufacturing capabilities, Korea is leading the next waves of development in key sectors like the semiconductor industry, clean energy and mobility,” he said.

“Second, because it will enable us to build a reference player in the Republic of Korea. Not only are we perfectly complementary in our footprint and activities, but DIG Airgas also already boasts a backlog of nearly 20 secured projects.

Air Liquide previously said the continued growth of electronics production in Asia is boosting its project pipeline for the high-purity carrier gases that serve this market.