Asafo & Co. Advises Adenia on Air Liquide Subsidiaries Purchase 

In a strategic move to bolster its presence in Africa, Adenia Partners (Adenia), a prominent private equity firm focusing on sustainable investments, has finalised an agreement with Air Liquide, a supplier of industrial and medical gases. Asafo & Co. provided legal counsel to Adenia throughout the negotiation process. 

The agreement entails the acquisition of Air Liquide’s operational entities across 12 countries in West and Central Africa as well as the Indian Ocean region. These subsidiaries, spanning nations like Benin, Ghana, Madagascar, and Togo, will amalgamate to form a new, independent pan-African industrial gases group. 

Adenia’s involvement is poised to inject substantial support and additional investments into these businesses, fostering accelerated development and growth opportunities. Additionally, Air Liquide has committed to a long-term contract to supply specific industrial and specialty gases, further solidifying the partnership and ensuring a smooth transition. 

The Asafo & Co. team advising Adenia was led by partner Patrick Larrivé (pictured), who was supported by Safaa El Khammal, Senior Associate and associates Christy Komba Malongo, Guy-Fabrice Holo, Souhail Sassi, Zineb Benabdellah, Assia Khalidi, Noor Rachid, as well as Charlène Ntsiba, Of Counsel. 

Completion of this transaction is subject to customary regulatory approvals.