Praxair Inc. of Connecticut will purchase German company Linde AG for about $35.1 billion in an agreement that will combine the two industrial gas companies, reported Bloomberg.
Efforts to buy Linde earlier this year fell short due to the fear of lost jobs at the Munich-based company. The new consensus ensures the continued operation of the German plant as well as the assurance of jobs until at least 2022.
Together the two companies will have a market value of $65 billion, or 61 billion euros, according to a Praxair press release. Calling it a "merger of equals," the companies are shying away from viewing the move as an acquisition of Linde by Praxair.
"The strategic combination between Linde and Praxair would leverage the complementary strengths of each across a larger global footprint and create a more resilient portfolio with increased exposure to long-term macro growth trends," said Steve Angel, Praxair Chairman and CEO in the press release. "We consider this to be a true strategic merger, as it brings together the capabilities, talented people and best-in-class processes of both companies, creating a unique and compelling opportunity for all of our stakeholders."
Once combined, the entity will represent the largest organization of industrial gas worldwide.