French industrial gas producer Air Liquide has finalized a successful bid to acquire U.S. counterpart Airgas in deal valued at about $10.3 billion.

The deal has already been approved by the boards of both companies, but the acquisition still needs approval from regulators and Airgas shareholders.

Radnor, Pennsylvania-based Airgas will become a wholly-owned subsidiary of Air Liquide once the companies complete the acquisition and will “strengthen its presence in the largest market worldwide for industrial gases,” according to a company statement.

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