The BOC Group Limited (BOC) has agreed to sell its entire shareholding in Linde Pakistan Limited to Adira Capital Holdings (Private) Limited and affiliates (Adira).
Under the share purchase agreement, the member of The Linde Group will sell its full stake in the Pakistan-based company, which is approximately 60%.
According to BOC, the sale stems from a profitability and competitiveness portfolio review.
Linde Pakistan has been a leading player in the industrial gases industry in the South Asian country for more than 70 years. It manufactures and distributes industrial, medical and specialty gases as well as welding products and provides services including onsite plant installations, pipelines and associated engineering services.
The successful completion of this acquisition is subject to the receipt of requisite approvals and the successful completion by Adira of a tender for at least 50% of the remaining shares.
BOC expects to close the transaction in the first quarter of 2018. Financial details were not disclosed.