液空，237亿收购

Core Viewpoint - Air Liquide SA is considering re-entering the South Korean market by negotiating the acquisition of DIG Airgas Co., the third-largest industrial gas supplier in South Korea, for over $3.3 billion (approximately 237 billion RMB) [1][2]. Group 1: Acquisition Details - Air Liquide is the sole bidder for DIG Airgas after Brookfield Asset Management opted out and Stonepeak's offer was below expectations [1]. - The acquisition would mark Air Liquide's return to South Korea after selling its stake in Daesung Air Liquide in 2014 [2]. - DIG Airgas is expected to generate an EBITDA of 208.7 billion KRW in 2024, with Macquarie aiming for a valuation of over 20 times EBITDA from the sale [1][2]. Group 2: Financial Performance - DIG Airgas was acquired by MBK Partners in 2017 for 1.8 trillion KRW and later sold to Macquarie for 2.5 trillion KRW [3]. - Under Macquarie's management, DIG Airgas's operating profit grew by 24.9% from 2019 to 2023, with sales reaching 731.2 billion KRW, a 23.7% increase [3]. - For 2024, DIG Airgas is projected to achieve an operating profit of 139.5 billion KRW and revenue of 752 billion KRW [3]. Group 3: Market Context - The industrial gas sector in South Korea is considered highly profitable due to long-term contracts with major clients like Samsung Electronics and SK Hynix [5]. - The enterprise value of industrial gas producers is typically determined at around 20 times EBITDA [5]. - Recent transactions in the market include IMM Private Equity selling a 30% stake in AirFirst for 1.1 trillion KRW at an EBITDA multiple of 25, and Air Products Korea being valued at 5 trillion KRW with a 20 times EBITDA multiple [5]. Group 4: Advisory and Transaction Timeline - JPMorgan and Goldman Sachs are the lead advisors for the sale of DIG Airgas [6]. - Macquarie is expected to soon designate Air Liquide as the preferred bidder, aiming to finalize the transaction by the end of the year [2].