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Praxair to sell European assets to Taiyo Nippon Sanso ahead of Linde merger

By Mary Page Bailey |

Praxair, Inc. (Danbury, Conn.; www.praxair.com), in accordance with its proposed business combination with Linde AG (Munich, Germany; www.linde.com), has signed an agreement to sell the majority of its businesses in Europe to Taiyo Nippon Sanso Corp. The businesses generated annual sales of approximately €1.3 billion in 2017. The purchase price for this transaction is €5.0 billion  in cash consideration and is subject to customary adjustments at closing. This agreement is conditioned on the successful consummation of the Praxair-Linde merger and other regulatory approvals.

“We are taking a constructive approach to address regulatory concerns with the merger in the European Economic Area,” said Steve Angel, Praxair chairman and chief executive officer. “Taiyo Nippon Sanso is a strong and capable global industrial gas buyer for our assets and we are pleased that they will continue to serve the needs of our customers in Europe.”

The assets to be sold include Praxair’s industrial gases businesses in Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom and include approximately 2,500 employees.

Praxair and Linde continue to work diligently with the relevant antitrust authorities with the objective of closing the merger during the second half of 2018.

“With this acquisition, we are seizing a unique opportunity to enter the European market and establish a truly global footprint through the purchase of highly attractive assets in all the key geographies in the European Union. We look forward to growing these highly profitable businesses and welcoming the experienced and dedicated Praxair European team to TNSC,” said Yujiro Ichihara, President CEO, Taiyo Nippon Sanso Corporation.

Praxair will continue to own, operate and maintain these businesses until the closing of the merger and this European divestiture transaction.

Credit Suisse Securities acted as exclusive financial advisors to Praxair and McDermott Will & Emery UK LLP as legal advisors.

Mizuho Securities acted as primary financial advisors to TSNC and Greenberg Traurig LLP as legal advisors.

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