Air Liquide has completed the sale of its aquatic equipment subsidiary Aqua Lung to European private equity firm Montagu Private Equity.

The Tier One player first announced it was evaluating the sale of Aqua Lung in September 2016 with preliminary discussions between the two parties moving into an “exclusive negotiation” stage one month later in October.

Since its $13.4bn acquisition of Airgas in May 2016, Air Liquide has increased its focus on its Gas & Services activities, as well as implementing its NEOS company strategy programme for the 2016-2020 period.

A press release signified, “Montagu will support Aqua Lung’s next phase of growth and enable the company to deliver on its strategy.”

Terms of the transaction were not disclosed.

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