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U.S. Federal Trade Commission Clears Air Liquide’s Acquisition of Airgas

PARIS & RADNOR, Pa., May 13, 2016 (BUSINESS WIRE) -- Air Liquide (euronext paris:AI) announced today that the U.S. Federal Trade Commission (the “FTC”) has cleared the acquisition of Airgas ARG, +0.27% by Air Liquide, satisfying the final regulatory condition to the closing of the pending acquisition. The companies anticipate closing the acquisition on 23 May 2016, subject to the satisfaction of the remaining customary closing conditions.

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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 the decision by the Committee on Foreign Investment in the United States (CFIUS) on 10 March 2016 that the proposed acquisition poses no national security concerns, and Airgas shareholder approval on 23 February 2016.

As announced on 17 November 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 Airgas’ footprint to accelerate the deployment of Air Liquide’s new offerings, technologies, and innovations to customers. It will also extend Air Liquide’s customer base by more than one million customers through a unique multi-channel distribution network in the U.S. and a nationwide presence (more than 1,100 locations across the country...