Air Liquide has announced within the last few minutes that it has just finalised the acquisition of Gasmedi, following the approval of the Spanish Competition Authority.
The deal represents an enterprise value of €330m and follows a busy summer of M&A activity in the homecare market for the gases industry.
Air Liquide has now gained full control of Gasmedi, the third largest player in Spain’s home healthcare sector. Active in this business for more than 15 years, Gasmedi has more than 500 employees and takes care of 125,000 patients in 14 of Spain’s 17 regions. The company specialises mainly in home respiratory assistance – oxygen therapy and the treatment of sleep apnea.
Pascal Vinet, Vice-President, Healthcare Global Operations and member of the Group Executive Committee, commented, “We are delighted to welcome these new employees into the group and to be able to rely upon their expertise and commitment.”
“This acquisition is in line with our growth strategy in home healthcare; it will give us a leading position in Spain and confirm our leadership in Europe. Health is one of the group’s growth drivers.”
Gasmedi’s 2011 revenues amounted to €82m, up 13% compared with 2010.
The news comes after Air Liquide recently completed the acquisition of LVL Medical Groupe in France, and also follows not one but two acquisitions in this field by The Linde Group this year, after the company acquired both Lincare Holdings Inc. in the US market and the Continental-European homecare business of Air Products.
Interest in the home healthcare sector is intensifying both in the US and Europe, as shown by the latest acquisition in the business, announced this July.
Having completed a tender offer for almost 90% of the shares of Lincare Holdings Inc. less than 10 days ago, The Linde Group has now acquired all outstanding shares and completed its acquisition of the company.
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