Air Liquide has completed its acquisition of US competitor Airgas for $10.3 billion, making the French company the world’s largest industrial gases and welding hardgoods distributor. Including debt, the transaction was worth $13.4 billionThe plans were announced in November 2015 and – despite mandated divestments – the deal was completed more quickly than expected. According to unconfirmed French media reports, Air Liquide plans a €350 million capital increase to finance it.

Pooling the Air Liquide and Airgas businesses will create a company with annual sales of more than €20 billion and around 68,000 employees globally. Air Liquide CEO Benoît Potier said the two businesses are highly complementary, adding that the transaction that has “strong industrial and market logic” will extend his company’s customer base through a unique, multi-channel distribution network and a nationwide presence in the US.

In exchange for the approval of the acquisition, the US antitrust authority Federal Trade Commission (FTC) will require Air Liquide’s US holding to divest 13 properties. Airgas will be obliged to divest four of its existing properties.