Airgas to acquire BOC''s U.S. packaged gas business
April 5, 2004
Business Wire reports that Airgas, Inc. has signed a definitive asset purchase agreement to acquire most of the U.S. packaged gas business of The BOC Group, Inc., in a transaction valued up to $200 million. The companies first announced a letter of intent on January 27, 2004 and the FTC has since completed its regulatory review. The transaction, which is subject to customary closing conditions, is expected to close on or about July 31, 2004. The acquisition will include about 120 locations in 21 states, including retail stores, warehouses, fill plants and other operations involved in distributing packaged industrial, specialty and medical gases, as well as welding equipment and supplies sold through BOC''s stores and distributors. The transaction will exclude packaged electronic gases, helium and hydrogen delivered in tube trailer or in liquid form, and bulk gases, including bulk medical and bulk gases supplied to BOC''s distributors. The transaction also will not affect BOC''s merchant liquid and tonnage/on-site business in North America and its packaged gases businesses in other parts of the world.