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Praxair to sell European gas unit to Taiyo for 5 billion euros in cash

Staff Writer |
Praxair, in accordance with its proposed business combination with Linde, has signed an agreement to sell the majority of its businesses in Europe to Taiyo Nippon Sanso Corporation.

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The 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.

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.

Praxair will continue to own, operate and maintain these businesses until the closing of the merger and this European divestiture transaction.

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