McDermott Will & Emery and Greenberg Traurig have won roles on US industrial gas company Praxair's sale of its European assets to Japanese rival Taiyo Nippon Sanso Corporation (TNSC), a deal that helps to clear the path for its multibillion-dollar merger with Linde.

Praxair is selling the European assets, which have a base purchase price of about €5bn (£3.8bn), after the European Commission launched an investigation into the Linde merger over competition concerns.

The proposed tie-up, which was first announced in December 2016, would make the combined company the global leader in their market. Sullivan & Cromwell is advising Praxair, while Cravath Swaine & Moore, Linklaters and Hengeler Mueller are acting for Linde.

Praxair, which is listed on the New York Stock Exchange, was advised by a City-based McDermott Will & Emery team led by corporate partner Lisa O'Neill, supported by Dallas corporate partner Shawn Helms and Brussels competition partner Andrea Hamilton.

O'Neill said: "The Praxair-Linde merger is one of the most significant deals that has come about in the industry for some time and this divestment is a critical piece to ensuring the successful consummation of the merger."

Greenberg advised TNSC on the deal. Corporate partners Peter Schorling, Lee Albanese and Paul Maher co-led the team from their bases in Germany, the US and the UK respectively.

Linde did not sell any assets in this part of the deal, although it has been reported that further divestments are likely.

Praxair will retain control of its European assets – which include 2,500 employees across Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden and the UK – until the merger closes, which is expected to happen during the second half of this year.