Linde Mergers and Acquisitions Summary

ChemicalsCompany

Linde has acquired 5 companies, including 1 in the last 5 years. A total of 1 acquisition came from private equity firms. It has also divested 7 assets.

Linde’s largest acquisition to date was in 2006, when it acquired The BOC Group for $12.3B. It’s largest disclosed sale occurred in 2019, when it sold Linde AG - South Korea Assets to IMM Private Equity for $1.2B. Linde has acquired in 3 different US states, and 3 countries. The Company’s most targeted sectors include chemicals (60%) and healthcare services (20%).

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M&A Summary

  • M&A Total Activity12
    • M&A Buy Activity5
    • M&A Sell Activity7
  • Total Sectors Invested 3
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 9
  • M&A Advisors 4

Linde

Linde plc

Forge 43 Church Street West,
Woking, GU21 6HT
United Kingdom,
+44 203 837 2210
www.linde.com

Linde is an international industrial gas and engineering company that offers oxygen, nitrogen, argon, rare gases, carbon dioxide, hydrogen, helium, electronic and specialty gases, acetylene, and carbon monoxide. The company also designs and constructs turnkey process plants, such as olefin, natural gas, air separation, hydrogen and synthesis gas, and other plants. Linde was founded in 1879 and is based in Guildford, United Kingdom.


M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (0.2/yr) # 4 1 - - - - 5
vol $16.1B $16.1B
Sell (0.6/yr) # 4 - 3 - - - 7
vol $1.1B $1.2B $2.2B
  12

Most Recent M&A

Company Date Value Type
Linde AG - South Korea Assets 2019-03-08 1.2B USD Divestiture
, South Korea
Messer Industries GmbH 2019-03-01 - Divestiture
Bad Soden, Germany · www.messergroup.com
Linde AG - Synthesis Gas Production Unit 2019-01-15 - Divestiture
Pasadena, Texas
Specialized Medical Services, Inc. 2018-08-02 - Add-on Acquisition
Milwaukee, Wisconsin · www.specializedmed.com
Praxair, Inc. 2016-12-20 - Merger
Danbury, Connecticut · www.praxair.com
Leengate Valves Ltd. 2014-01-16 - Divestiture
Derbyshire, United Kingdom · www.leengatevalves.co.uk
Lincare Holdings, Inc. 2012-07-02 3.8B USD Add-on Acquisition
Clearwater, Florida · www.lincare.com
Linde Gas USA LLC 2007-06-30 310M USD Add-on Acquisition
, United States
Edwards Group Ltd. 2007-03-12 772M EUR Divestiture
Crawley, United Kingdom · www.edwardsvacuum.com
AGA S.A. de C.V. 2007-02-20 - Divestiture
Tlalnepantla de Baz, Mexico
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Lincare Holdings, Inc. 2012-07-02 Lincare Holdings, Inc. - Home Infusion Assets 2020-03-04 3
Clearwater, Florida · www.lincare.com Clearwater, Florida
Lincare Holdings, Inc. 2012-07-02 Acro Pharmaceutical Services LLC 2016-06-07 2
Clearwater, Florida · www.lincare.com Sharon Hill, Pennsylvania · www.acropharmacy.com
Lincare Holdings, Inc. 2012-07-02 Community Pharmacy Services LLC 2016-06-07 1
Clearwater, Florida · www.lincare.com Clearwater, Florida
Lincare Holdings, Inc. 2012-07-02 Sleep Therapy, Respiratory /Wright & Filippis/ 2014-07-11 2
Clearwater, Florida · www.lincare.com Rochester Hills, Michigan
Lincare Holdings, Inc. 2012-07-02 Envoy Health 2013-06-05 1
Clearwater, Florida · www.lincare.com Miami Lakes, Florida · www.envoyhealth.com
Linde Healthcare    - Air Products' Continental-European Homecare Business 2012-05-02 1
Munich, Germany · www.linde-healthcare.com , Germany

M&A by Sector

Sector Buy # Value Sell # Value
Chemicals 3 (60%) 12.3B (76%) 4 (57%) 310M (14%)
Healthcare Services 1 (20%) - - -
Medical Products 1 (20%) 3.8B (24%) - -
Distribution - - 1 (14%) -
Electronics - - 1 (14%) 772M (35%)
Oil/Gas Exploration - - 1 (14%) 1.2B (52%)
Total 5 $16.1B 7 $2.2B

By Geo

State/Country Buy Value Sell Value
United States 3 3.8B 2 310M
  Wisconsin 1 - - -
  Florida 1 3.8B - -
  Connecticut 1 - - -
  Texas - - 1 -
United Kingdom 1 12.3B 2 772M
Mexico 1 - 1 -
Germany - - 1 -
South Korea - - 1 1.2B
Domestic 1 (20%) 12.3B (76%) 2 (29%) 772M (35%)
Cross-border 4 (80%) 3.8B (24%) 5 (71%) 1.5B (65%)
Total 5 $16.1B 7 $2.2B

Top M&A Advisors

Financial Deals
Morgan Stanley
2
Legal Deals
Cravath, Swaine & Moore LLP
1
Hengeler Mueller
1
Linklaters LLP
1

Deal Values

buy # Total
> $1B 2 $16.1B
TOTAL $16.1B
Largest The BOC Group
$12.3B (2006-03-06)
sell # Total
> $1B 1 $1.2B
$100M to $1B 2 $1.1B
TOTAL $2.2B
Largest Linde AG - South Korea Assets
$1.2B (2019-03-08)

M&A Connections

Deals
Acquired from
Investor(s)
20%
1 (20%)
Divested to
Investor(s)
57%
4 (57%)
Strategic(s)
43%
3 (43%)

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