INTERESTING

Deal OverviewAsset for Sale: Macquarie Asset Management is divesting DIG Airgas, a Seoul-based industrial gas producer and South Korea’s third-largest in the sector, founded in 1979. Reuters+1Transaction Size & Rationale: The sale is expected to fetch up to $3.6 billion, reflecting a valuation of approximately 18–20 times EBITDA, with DIG Airgas generating around $170–180 million in EBITDA. Reuters+1Interested PartiesEarly Interest (June 2025): Potential bidders included private equity/investment giants KKR, Brookfield Asset Management, Air Liquide, I Squared Capital, Stonepeak, and Air Products. ReutersPrivate Equity InsightsYahoo FinanceTankTerminalsShortlist (July 2025): Final bidding round narrowed to Brookfield, Stonepeak, and Air Liquide, with binding bids expected by the end of July to early August. ReutersKey Context & Strategic InsightsAdvisors: Goldman Sachs and JPMorgan are managing the sale process. Reuters+1Backstory: Macquarie originally acquired DIG Airgas (previously Dausung Industrial Gases) in 2019 from MBK Partners for around 2.5 trillion won (~$1.85 billion). ReutersTankTerminalsYahoo FinanceMarket Implications:For Brookfield and Stonepeak, a successful bid would mark their largest investment in South Korea.Air Liquide, active in Korea since 1996 across multiple sectors, is seeking to broaden its footprint further