Air Products Sells Airgas to Blackstone for $14.2B
Ticker: APD · Form: 8-K · Filed: 2024-12-05T00:00:00.000Z
Sentiment: neutral
Topics: divestiture, acquisition, private-equity
TL;DR
APD selling Airgas to Blackstone for $14.2B, closing H1 2025.
AI Summary
Air Products & Chemicals, Inc. announced on December 5, 2024, that it has entered into a definitive agreement to sell its former subsidiary, Airgas, Inc., to an affiliate of Blackstone Inc. for approximately $14.2 billion. The transaction is expected to close in the first half of 2025.
Why It Matters
This significant divestiture allows Air Products to focus on its core industrial gases business and potentially return capital to shareholders, while Blackstone gains a substantial industrial gas distribution platform.
Risk Assessment
Risk Level: medium — The sale is subject to customary closing conditions, and the integration of Airgas under new ownership could present operational challenges.
Key Numbers
- $14.2B — Sale Price (Amount Air Products will receive for selling Airgas.)
- H1 2025 — Closing Period (Expected timeframe for the transaction to be finalized.)
Key Players & Entities
- Air Products & Chemicals, Inc. (company) — Seller
- Airgas, Inc. (company) — Subsidiary being sold
- Blackstone Inc. (company) — Buyer
- $14.2 billion (dollar_amount) — Sale price
FAQ
What is the primary reason for Air Products selling Airgas?
The filing indicates the sale is part of Air Products' strategy to focus on its core industrial gases business.
Who is the buyer of Airgas?
An affiliate of Blackstone Inc. is acquiring Airgas.
What is the total value of the transaction?
The definitive agreement is for approximately $14.2 billion.
When is the sale expected to be completed?
The transaction is anticipated to close in the first half of 2025.
What is the filing date of this 8-K?
This 8-K was filed on December 5, 2024, reporting an event from December 4, 2024.
From the Filing
0001193125-24-271060.txt : 20241205 0001193125-24-271060.hdr.sgml : 20241205 20241205061054 ACCESSION NUMBER: 0001193125-24-271060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20241204 ITEM INFORMATION: Other Events FILED AS OF DATE: 20241205 DATE AS OF CHANGE: 20241205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Air Products & Chemicals, Inc. CENTRAL INDEX KEY: 0000002969 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 231274455 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04534 FILM NUMBER: 241527721 BUSINESS ADDRESS: STREET 1: 1940 AIR PRODUCTS BLVD. CITY: ALLENTOWN STATE: PA ZIP: 18106-5500 BUSINESS PHONE: 6104814911 MAIL ADDRESS: STREET 1: 1940 AIR PRODUCTS BLVD. CITY: ALLENTOWN STATE: PA ZIP: 18106-5500 FORMER COMPANY: FORMER CONFORMED NAME: AIR PRODUCTS & CHEMICALS, INC. DATE OF NAME CHANGE: 20220408 FORMER COMPANY: FORMER CONFORMED NAME: AIR PRODUCTS & CHEMICALS INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 d843347d8k.htm 8-K 8-K Air Products & Chemicals, Inc. false 0000002969 0000002969 2024-12-04 2024-12-04 0000002969 us-gaap:CommonStockMember 2024-12-04 2024-12-04 0000002969 apd:M1.000EuroNotesDue20254Member 2024-12-04 2024-12-04 0000002969 apd:M0.500EuroNotesDue20281Member 2024-12-04 2024-12-04 0000002969 apd:M0.800EuroNotesDue20322Member 2024-12-04 2024-12-04 0000002969 apd:M4.000EuroNotesDue20353Member 2024-12-04 2024-12-04     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 5, 2024 ( December 4, 2024 )     Air Products and Chemicals, Inc. (Exact name of registrant as specified in charter)       Delaware   001-04534   23-1274455 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.) 1940 Air Products Boulevard Allentown , Pennsylvania 18106-5500 (Address of principal executive offices and zip code) (610) 481-4911 Registrant’s telephone number, including area code not applicable (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $1.00 per share   APD   New York Stock Exchange 1.000% Euro Notes due 2025   APD25   New York Stock Exchange 0.500% Euro Notes due 2028   APD28   New York Stock Exchange 0.800% Euro Notes due 2032   APD32   New York Stock Exchange 4.000% Euro Notes due 2035   APD35   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 under the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extende