Sources say that Macquarie's $3.6 Billion S. Korean Gas firm attracts interest from KKR and other industry players, including Brookfield,

Two sources familiar with the deal said that KKR & Co., Brookfield Asset Management and Air Liquide are all potential bidders. The deal could be worth up to $3.6 Billion.

Sources said Macquarie hired Goldman Sachs to handle the sale, and they expect non-binding offers this month. They declined to name them as the information was not public.

Sources said that DIG Airgas, South Korea’s third largest industrial gas producer has attracted interest not only from infrastructure funds such as I Squared Capital, but also Stonepeak and Air Products based in the United States.

One source said that Macquarie expected a sale of the company to be valued at 18-20 times its core earnings.

DIG Airgas and Air Liquide didn't immediately respond to comments.

Macquarie JPMorgan Goldman Sachs Brookfield I Squared Capital Stonepeak Stonepeak, KKR and Stonepeak all declined to comment.

Air Products has declined to comment about the sale.

Air Products' spokesperson stated that South Korea was a growing and vital market. The company is committed to expanding its industrial gas business and serving its customers in a safe and reliable manner.

DIG Airgas, a company founded in 1979, produces industrial gases, electronic gasses and gas equipment.

Macquarie purchased the company, formerly called Dausung Industrial Gases from South Korean private equity group MBK Partners in 2019 for 2.5 trillion won (about $1.85 billion), local media reported. ($1 = 1,351.8900 Won) (Reporting from Kane Wu in Hong Kong and Yantoultra in Singapore, with additional reporting by Heekyong in Seoul. Editing by Sonali.

(source: Reuters)