Hydrogen Infrastructure Push as Air Liquide, Brookfield Vie for $3.4B DIG Airgas Deal

Air Liquide and Brookfield Asset Management are now in the running to take over DIG Airgas, South Korea’s third-biggest player in the industrial gases space. The company is currently owned by Macquarie Asset Management and could fetch up to ₩5 trillion—that’s around $3.4 billion. If everything goes to plan, the deal could wrap up by August 2025.

A Second Chance for Air Liquide?

This isn’t just any acquisition opportunity for Air Liquide. It’s a potential comeback. The company stepped away from South Korea’s industrial gases market back in 2014, but with DIG Airgas on the table, it could be their ticket back in—and in a big way. The real prize? Hydrogen infrastructure. DIG runs a solid network, including a 60-kilometer hydrogen pipeline and more than 250 gas transport trailers. That kind of setup isn’t just impressive—it’s strategic, especially for industries like specialty gas production, clean hydrogen, and semiconductors, where supply reliability is everything.

More Than Just a Business Deal

This move speaks to a broader trend: everyone’s eyeing long-term, infrastructure-style investments with real staying power. And in the case of South Korea, the buyout could shake up how the country sources and secures critical gases. With hydrogen quickly becoming a centerpiece of decarbonization strategies across Asia, this isn’t just about money—it’s turning into a high-stakes geopolitical play. Whoever comes out on top won’t just gain a business—they’ll gain a foothold in the next era of energy, from fuel cell technology to sustainable supply chains.