Air Liquide completes sale of US assets to Matheson Tri-Gas

Air Liquide has completed the sale of certain US assets to Matheson Tri-Gas, an American supplier of atmospheric and specialty gases.

The deal received approval from the US Federal Trade Commission (FTC) on 1 September.

Air Liquide Group executive committee member and executive vice-president for the Americas Michael Graff said: "We are pleased to be able to close this transaction and continue with the integration of Airgas."

The sale was made by Air Liquide in order to fulfil requirements specified by FTC for the acquisition of Airgas.

"Valued at $781m, the deal generated a net gain of approximately $250m for Air Liquide."

Under the purchase agreement, Matheson has acquired production facilities, equipment, inventory, distribution assets, and customer contracts, as well as hiring employees relating to the divested assets.

Valued at $781m, the deal generated a net gain of approximately $250m for Air Liquide.

The deal includes the sale of 18 air separation units in 16 locations, two nitrous oxide production facilities and four liquid carbon dioxide production facilities in four states.

The sale also includes two dry ice production facilities, and three Airgas retail packaged welding gas stores in Alaska.

Barclays Bank and Cleary Gottlieb Steen & Hamilton served as advisors to Air Liquide on this transaction.

In November 2015, Air Liquide signed an agreement to buy American company Airgas for $13.4bn. In May, the FTC granted clearance for the acquisition.