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

Strategic Bid for Korea’s Industrial Gas Crown

Air Liquide is making a bold move to reassert itself in the Korean market. The French giant in industrial gases is neck-and-neck with Brookfield Asset Management from Canada in the final showdown to buy DIG Airgas—Korea’s third-largest gas company. The deal’s worth? A hefty ₩5 trillion, or about $3.4 billion. If it goes through, this could be one of the biggest industrial gas acquisitions Korea’s ever seen.

What’s at Stake

Final offers are expected by late July or early August 2025, and the implications are huge. For Air Liquide, it’s a shot at reclaiming a major stake in the region’s industrial landscape—not just a comeback, but a power play to get back into East Asia’s high-stakes game. For Brookfield, it’s a long-term strategy built on stable, utility-like returns from a crucial sector—especially with DIG’s hydrogen infrastructure and specialty gas production supporting Korea’s powerhouse industries like semiconductors and electronics.

A Bit of Backstory

DIG Airgas isn’t new to the scene. It has its roots in Daesung Industrial Gas—a company Air Liquide once held a 44% stake in until parting ways in 2014. Fast-forward to 2019, Macquarie Asset Management picked it up for $1.85 billion and expanded from there. Its operations now stretch across key industrial hubs like Paju, Yeocheon, and Ulsan, all of which are essential to Korea’s manufacturing engine.

Tapping into Hydrogen, Scale, and Supply Chains

There’s a lot more here than just oxygen and nitrogen. DIG Airgas operates a 60-kilometer hydrogen pipeline network and runs over 250 tube trailers—making it a logistics powerhouse in Korea’s growing push for clean hydrogen. And with the country betting big on fuel cell technology and green energy as part of its climate strategy, whoever lands this deal won’t only be taking over assets—they’ll be stepping into a critical role in Korea’s energy future.

This Isn’t Your Average Deal

This whole bid signals something much bigger. Global players—from traditional energy companies to major asset managers—now see industrial gases as core infrastructure. Think of it like this: pipes and wires move power; gases, like hydrogen and nitrogen, are now doing the same for energy and tech. Brookfield jumping into the ring shows just how front-and-center hydrogen infrastructure and decarbonization have become on the global stage.

Ripple Effects?

If Air Liquide comes out on top, they’re not just winning an M&A battle—they could spark a rapid wave of technology transfer and investment into Air Liquide Korea, including next-gen green hydrogen infrastructure. But it won't go unnoticed. A foreign company owning a large slice of Korea’s gas supply may raise eyebrows with local industries and regulators, especially if consolidation becomes a concern. As for Macquarie, pulling in an estimated $1.5 billion return would be another big win in its infrastructure playbook.

The Bottom Line

This isn’t just another industrial deal—this has layers. Korea’s gas production isn’t merely a utility—it powers everything from EVs to semiconductor fabs. If Air Liquide lands the deal, they’re locking in serious influence at a critical moment in Asia’s clean energy transition. Meanwhile, Brookfield is playing the long game, betting on stability and return in an industry that doesn’t swing wildly with the economy. Either way, it’s clear: hydrogen infrastructure just got a major vote of confidence.

What’s Next

We’re just weeks away from final bids, and it’s shaping up to be a defining moment. No matter which name ends up on the deal, one thing’s for sure—industrial gases and hydrogen infrastructure have officially stepped into the spotlight of global strategy and investment.