The race to acquire Daesung Industrial Gases, one of the biggest players in the South Korean market, has reportedly been won by private Asian equity firm MBK Partners.

Previously owned by multinational financial giant the Goldman Sachs Group and Daesung Group Partners Co Ltd, the deal seemingly sees 100% of Daesung Industrial Gases sold in a price reported to be around $2bn, although there has been no official confirmation from any concerned parties.

Daesung is South Korea’s second-largest producer of industrial gases, just behind Tier One multinational Air Products, producing a range of industrial and specialty gases for the semiconductor and petrochemical industries. 

A Goldman Sachs-led consortium first acquired its 68% controlling stake in Daesung for around $400m in July 2014.

Goldman Sachs sent out financial details of the operation to prospective buyers including private equity firms, South Korean conglomerates and global industrial gas competitors and invited bids for the entire company in November 2016.

The South Korean industrial gases market was valued at $1.8bn in 2015, with Linde, Air Products Korea, Praxair Korea, Air Liquide, Taiyo Nippon Sanso Corporation (TNSC) and Daesung all operating important production and distribution networks in the country.

South korea currency money finance financial