- Praxair (NYSE:PX) and Linde (OTCPK:LNAGF, LNEGY), seeking regulatory approval for their planned merger, started a sale process of European and U.S. industrial gas assets that may fetch $8B, Bloomberg reports.
- The portfolio is attracting interest from rivals such as Air Liquide (OTCPK:AIQUF, OTCPK:AIQUY), Air Products & Chemicals, (NYSE:APD) Germany’s Messer Group and Taiyo Nippon Sanso’s Matheson Tri-Gas unit, with P-E firms including KKR and Carlyle also weighing bids, according to the report.
- The European and U.S. assets on the block reportedly generated nearly $700M in earnings in 2016, and are typically valued at 10x-12x that amount; the final valuation could change if more assets are added to appease antitrust regulators.