Europe: Industrial Gas Praxair Sells European Business to Taiyo Nippon Sanso Corporation
Under the agreement, Praxair will sell its industrial gas business present across 12 key European countries to the Japanese industrial gas manufacturing firm. Through the deal, Taiyo Nippon Sanso Corporation aims to enter the European market and establish a global footprint.
Connecticut/United States – Praxair, in accordance with its proposed business combination with Linde, has signed an agreement to sell the majority of its businesses in Europe to Taiyo Nippon Sanso Corporation. The businesses generated annual sales of approximately 1.52 billion dollars in 2017. The purchase price for this transaction is 5.85 billion dollars in cash consideration and is subject to customary adjustments at closing. This agreement is conditioned on the successful consummation of the Praxair-Linde merger and other regulatory approvals.
The assets to be sold include Praxair’s industrial gases businesses in Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom and include approximately 2,500 employees. Praxair and Linde continue to work diligently with the relevant antitrust authorities with the objective of closing the merger during the second half of 2018.
With this acquisition, Taiyo Nippon Sanso Corporation aims to enter the European market and establish a global footprint through the purchase of highly attractive assets in all the key geographies in the European Union. Praxair will continue to own, operate and maintain these businesses until the closing of the merger and this European divestiture transaction.