Linde to Sell Americas Assets to Messer and CVC for $3.3 Billion
16 July 2018 - 10:00PM
Dow Jones News
By Max Bernhard
Linde AG (LINU.XE) said Monday that it agreed to sell the
majority of its North American gases business and some of its
activities in South America to a German consortium comprising
Messer Group and CVC Capital Partners Fund VII for $3.3
billion.
The German industrial gases company said it deemed the sale
necessary to pave the way for the clearance of its proposed merger
with Praxair Inc. (PX).
"This sale is still subject to the completion of the proposed
business combination of Linde and Praxair and regulatory
approvals," it said.
The businesses to be sold in Monday's deal include almost all of
Linde's U.S. bulk business, as well as the company's business in
Brazil, Canada and Colombia, Linde said.
European Union antitrust authorities opened an in-depth
investigation of the proposed tie-up with Praxair in February over
concerns that the deal could harm competition for gases, such as
oxygen and helium.
Linde and Praxair are in talks with the authorities that still
need to approve the deal, which the companies aim to complete in
the second half of 2018, Linde said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
July 16, 2018 07:45 ET (11:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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