French industrial gas giant Air Liquide emerged as the leading bidder in the preliminary round of the sale of South Korea-based DIG Airgas, investment banking sources said on Monday.

Macquarie Asset Management is currently selling its 100 percent stake in DIG Airgas and recently held a preliminary bidding process that attracted global private equity firms including KKR, Blackstone, Brookfield, and Stonepeak. Air Liquide, the former joint venture partner of DIG’s predecessor Daesung Industrial Gas, was also on the list.

DIG Airgas traces its roots to a 1979 joint venture between Daesung Industrial and Air Liquide. Macquarie acquired full control of the company after Daesung exited the gas business while Air Liquide established a separate Korean unit.

Air Liquide is said to have submitted the highest bid, with the seller reportedly targeting a sale price of around 5 trillion won ($3.7 billion). While other bidders considered the price steep, Air Liquide’s strategic interest in re-entering the Korean market could have driven its aggressive offer. The figure could still be subject to adjustments during the due diligence process.

Industry watchers say Air Liquide sees the acquisition as a critical step in regaining a production foothold in Korea as domestic demand continues to grow. Air Liquide Chairman François Jackow met with Gyeonggi Province Governor Kim Dong-yeon earlier in 2025 to discuss regulatory support for a new plant in Hwaseong.

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