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Thursday, 5 July 2018

Praxair sells European assets to Taiyo Nippon Sanso for €5 billion

Praxair Inc in accordance with its proposed business combination with Linde AG has signed an agreement to sell the majority of its businesses in Europe to Taiyo Nippon Sanso Corporation.
The divested businesses generated annual sales of approximately 1.3 billion euros in 2017. The purchase price for this transaction is €5.0 billion in cash consideration. This agreement is conditioned on the successful completion of the Praxair-Linde merger and other regulatory approvals.
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.

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