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Macquarie's $3.6 billion S. Korean gas firm draws interest from KKR, Brookfield and industry peers, sources say
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Macquarie's $3.6 billion S. Korean gas firm draws interest from KKR, Brookfield and industry peers, sources say
Jun 9, 2025 11:48 PM

HONG KONG/SINGAPORE, June 10 (Reuters) - Potential

bidders for Macquarie Asset Management's South Korean industrial

gas firm DIG Airgas include investment firm KKR & Co ( KKR ),

Brookfield Asset Management ( BAM ), and French gas supplier

Air Liquide, in a deal that could fetch up to $3.6

billion, two sources with knowledge of the matter said.

Macquarie has hired Goldman Sachs ( GS ) and

JPMorgan ( JPM ) to run the sale and is expecting non-binding

bids this month, the sources said, declining to be named as the

information is not public.

DIG Airgas, South Korea's third-largest industrial gas

producer, has also attracted interest from infrastructure funds

including I Squared Capital and Stonepeak, and U.S.-based global

gas and chemical firm Air Products, said the sources.

The Seoul-headquartered company has about $170 million to

$180 million in earnings before interest, taxes, depreciation,

and amortisation (EBITDA), and Macquarie expects a sale to value

the firm at 18-20 times core earnings, said one of the sources.

DIG Airgas and Air Liquide did not immediately respond to

requests for comment.

Macquarie, JPMorgan ( JPM ), Goldman Sachs ( GS ), KKR, Brookfield, I

Squared Capital and Stonepeak declined to comment.

Air Products declined to comment on the sale.

"South Korea is a vital and growing market, and Air Products

remains committed to growing its industrial gas business

serving customers safely and reliably," its spokesperson said.

Established in 1979, DIG Airgas produces industrial gases,

electronic gases and gas equipment, according to its website.

Macquarie bought the company, formerly known as Dausung

Industrial Gases, from South Korean private equity firm MBK

Partners for 2.5 trillion won ($1.85 billion) in 2019, local

media reported at the time.

($1 = 1,351.8900 won)

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