Air Liquide has completed the sale of its subsidiary Schülke & Mayr GmbH to global investment organisation EQT.

The French industrial gas giant said the total value of the transaction, which is subject to an earn-out provision, is between €925m and €1bn.

Air Liquide said the transaction illustrates the company’s strategy to review its business portfolio regularly and to focus on its core gases and healthcare businesses, thereby enhancing its performance.