During the last years it has become possible to address the nuclear liquid gas transition in QCD directly for
sufficiently heavy quarks, where combined strong coupling and hopping expansions are convergent. In this
contribution we study the Nc-dependence of the liquid gas transition and the equation of state of baryonic
matter. We find the transition to become more strongly first order with growing Nc, suggesting that in the large
Nc limit its critical endpoint moves to high temperatures.
This suggests that baryonic and quarkyonic matter might be the same at large Nc.