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Chemical Week Magazine :: Viewpoint

Airgas cashes in

5:08 AM MST | November 23, 2015 | —Vincent Valk, Senior editor

Air Liquide’s $13.4-billion, or $143/share, acquisition of Airgas is easily among the largest chemicals M&A deals since the recession. The multiple Air Liquide paid, 13.5 times (x) Airgas’ estimated annual Ebitda, is indicative of a market that bankers have described as moving through a cyclical peak in valuations—but the industrial gases sector is in many ways its own beast. Double-digit multiples in large chemicals transactions have become commonplace. Another megadeal—Merck KGaA’s $17-billion acquisition of...

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