Air Liquide, Paris, announces that the U.S. Federal Trade Commission has granted clearance for it to acquire Airgas, Radnor, Pa., satisfying the final regulatory condition to the closing of the pending acquisition. The companies anticipate closing the acquisition on May 23, subject to the satisfaction of the remaining customary closing conditions.
The FTC’s clearance is subject to certain conditions, to be satisfied following the closing of Air Liquide’s acquisition of Airgas, which Air Liquide has agreed to undertake, including the sale of certain assets. A divestiture package has been prepared and the divestiture process is well underway.
FTC clearance is the last major step towards acquisition closing, and follows Airgas shareholder approval on February 23, and the decision by the Committee on Foreign Investment in the United States on March 10 that the proposed acquisition poses no national security concerns.
As announced on November 17, 2015, combining Air Liquide and Airgas will bring together two highly complementary businesses to deliver greater value, service, and innovation to customers in North America and around the world.
This acquisition will give Air Liquide a greater presence in the U.S. market, the largest for industrial gases worldwide, and will ideally position the company for future growth, using the Airgas footprint to accelerate the deployment of Air Liquide’s new offerings, technologies, and innovations. It will also extend Air Liquide’s customer base by more than one million customers through a unique multi-channel distribution network in the United States, and a nationwide presence of more than 1100 locations across the country, including approximately 900 branches and retail stores.
The FTC decision is accessible via the following link: https://www.ftc.gov/enforcement/cases-proceedings/161-0045/american-air-liquide-holdings-inc-matter
