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 Corp. The divested businesses generated annual sales of approximately 1.3 billion euros in 2017. The purchase price for this transaction is 5 billion euros 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 2500 employees.
Praxair and Linde continue to work diligently with the relevant antitrust authorities with the objective of closing the merger during 2H18.
Praxair will continue to own, operate and maintain these businesses until the closing of the merger and this European divestiture transaction.
Read the article online at: https://www.hydrocarbonengineering.com/special-reports/05072018/praxair-sells-european-assets/