Linde divests South Korea assets to IMM for US$1.2 billion
Linde has agreed to sell its South Korean assets to local private equity firm IMM for KRW1.3 trillion (US$1.2 billion).
The assets include bulk and on-site business in Giheung, Pohang and Seosansites as well as oxygen and nitrogen on-site generators. The business generated annual sales of approximately US$220 million and an EBITDA of just over US$83 million in 2017.
The two firms expects to close the transaction by the end of Apri 2019.
The sale is part of Linde’s efforts to win antitrust clearance for its US$86 billion merger with rival Praxair.
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