Macquarie Asset Management ("MAM"), on behalf of the Macquarie Asia Infrastructure Fund 2 ("MAIF2"), announces the sale of DIG Airgas to Air Liquide, which successfully completed on 13 January. DIG Airgas is a leading industrial gas provider in South Korea, operating a nationwide network of air separation units and on‑site generators that supply essential gases to blue‑chip customers across petrochemical, semiconductor, display and other advanced manufacturing sectors. This transaction marks one of the largest M&A deals in South Korea in 2025, and represents MAM's biggest transaction in the country to date.
Since acquiring DIG Airgas in 2020 on behalf of its managed fund, MAM has focused on creating long term value by strengthening the company's position in South Korea's industrial gas market, scaling its operation and, diversifying its customer base into high‑growth sectors like semiconductors and secondary batteries. Over this period, DIG Airgas expanded from an initial pipeline of 20 projects to 80, driven by proactive asset management and strong customer engagement, particularly within fast‑growing semiconductor clusters. DIG Airgas also prioritised improvements in operational efficiency, cost optimisation, product diversification and a stronger capital structure through refinancing. Its sustainability performance also advanced through energy‑efficiency initiatives and a 25‑year, 50MW renewable power purchase agreement (PPA), achieving a GRESB1 score of ~100 and five‑star ratings in 2023-2025.
Verena Lim, Co-Head of Asia-Pacific Macquarie Asset Management Infrastructure and Chief Executive Officer of Macquarie Group in Asia, said: "South Korea remains one of the most attractive markets in Asia-Pacific for MAM, underpinned by more than 26 years of dedicated investment and on the ground presence. Investments such as DIG Airgas reflect our long‑term commitment to supporting the essential industries that drive economic growth in Korea and across the region. Our role goes beyond investment, this transaction highlights how we bring international best practices to build resilient businesses that create lasting value for stakeholders and local communities."
Eric Kim, Senior Managing Director and Head of Macquarie Group, South Korea, said: "The sale of DIG Airgas represents one of the most significant transactions for Macquarie in South Korea. Since our acquisition, DIG Airgas has evolved into critical infrastructure supporting South Korea's advanced manufacturing ecosystem. Through disciplined asset management, the business has expanded its growth pipeline, strengthened its financial position and made meaningful progress on sustainability commitments, creating a strong foundation for its next chapter of growth."
Macquarie Asset Management has cultivated a regional investment strategy powered by local teams, with on-the-ground experience and market knowledge to deliver investment opportunities and value for our clients. The team consists of nearly 100 infrastructure investment professionals across 10 offices.
About Macquarie Asset Management (MAM)
Macquarie Asset Management is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage $US 477 billion in assets. MAM provides clients with a diverse range of investment solutions that seek to deliver superior risk-adjusted returns, including real assets, real estate, credit and equities & multi-asset.
MAM is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 19,000 people in 34 markets and is listed on the Australian Securities Exchange.
All figures as of 30 September 2025, excluding assets acquired by Nomura on 1 December 2025.
- GRESB is an organisation that provides ESG assessments and sustainability benchmarks for commercial real estate and infrastructure.
