Air Liquide has successfully completed the refinancing of its $13.4bn acquisition of Airgas.

The Tier One player finalised the refinancing of the takeover in three steps; a €3bn ($3.4bn) bond issue placed on 6th June, a €3.3bn ($3.7bn) share capital increase with preferential subscription rights for existing shareholders launched on 13th September, and a $4.5bn bond issue placed on 22nd September.

The final gross proceeds of the Rights Issue, which was the second step of the refinancing, amounted to €3.3bn ($3.7bn) and will result in the issuance of 43,202,209 new shares.

Benoît Potier, Chairman and CEO of Air Liquide, commented, “We are delighted by the success of this capital increase, which allows us to complete the refinancing of our acquisition of Airgas within a very short timeframe.”

“In less than one year, we were able to complete the entire acquisition and refinancing processes. The integration of Airgas, which was initiated right after closing, is proceeding according to our plan.”

The Air Liquide/Airgas transaction was officially completed on 23rd May, 2016, establishing the merged corporation as the largest industrial gas company in the world. Globally, the combined business will generate annual sales of approximately $22bn and will serve over three million customers.