Macquarie Asset Management is gearing up for a $3.6bn sale of DIG Airgas, attracting early interest from global private equity heavyweights KKR and Brookfield, as well as infrastructure investors I Squared Capital and Stonepeak.

DIG Airgas, formerly known as Dausung Industrial Gases, is South Korea’s third-largest industrial gas producer. Macquarie acquired the company from MBK Partners in 2019 for $1.85bn. Since then, the firm has expanded its footprint across industrial, electronic, and specialty gas segments, as well as gas equipment.

The current sale process, run by Goldman Sachs and JPMorgan, is seeking a valuation of 18 to 20 times EBITDA, which stands at approximately $170m to $180m. This implies a potential enterprise value of between $3.1bn and $3.6bn. Non-binding bids are expected later this month.

In addition to private equity interest, strategic players such as Air Liquide and Air Products have also emerged as potential contenders. Air Products commented that South Korea remains a “vital and growing market,” though did not confirm its participation in the bidding process.

The potential exit highlights the growing appetite among private equity and infrastructure funds for energy and industrial assets in Asia, particularly in markets benefiting from long-term infrastructure and decarbonisation tailwinds.

Source: Reuters

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