Energy technology company Baker Hughes will acquire gas and liquid molecule-handling specialists Chart Industries in a cash-for-stock transaction valued at $13.6 billion. Chart designs, engineers, and manufactures process technologies and equipment for gas- and liquid-handling across a range of industrial and energy end markets. Chart’s products and solutions support the entire liquid gas supply chain—from engineering and design through installation, and preventative maintenance, repair, and service. The company generated $4.2 billion in revenue and $1 billion adjusted EBITDA in 2024. It operates 65 manufacturing locations with more than 50 service centers globally.
“This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company,” said Baker Hughes chairman and chief executive Lorenzo Simonelli. “We know Chart well, having worked alongside them on many critical energy infrastructure projects. Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver end-to-end life cycle solutions for our customers. The combination positions Baker Hughes to be a technology leader that can provide engineering and technology expertise to meet the growing demand for lower-carbon, efficient energy, and industrial solutions across attractive growth markets such as LNG, data centers and new energy.”
The deal comes just 1 month after Chart agreed to combine with Flowserve in a $19 billion merger of equals. According to Chart, the acquisition proposal received from Baker Hughes constitutes a “superior proposal” under the terms of its Flowserve merger agreement. Chart terminated the Flowserve deal on 29 July. As part of the break-up, Flowserve will receive a $266 million termination payment.
Under the terms of the new deal, Baker Hughes will pay $210 per share in cash for all of Chart’s outstanding shares. The company has secured fully committed bridge debt financing to fund the transaction, which is expected to be replaced with permanent debt financing prior to closing.
Baker Hughes added it has already identified $325 million of annualized cost synergy opportunities by the end of year three. The savings will come from leveraging its scale in manufacturing and consolidating the companies’ supply chains, as well as optimizing costs across the selling, general and administrative expenses, and research and development functions.
Chart’s assets are expected to deepen Baker Hughes’ exposure to markets, including data centers, space, and new energy, according to the company. The acquisition also broadens Baker Hughes’ exposure to industrial gas, metals and mining, and food and beverage, significantly increasing Baker Hughes’ addressable market and through-cycle growth potential.
The boards of directors of Baker Hughes and Chart have each unanimously approved the transaction, and the Chart board has unanimously recommended that Chart shareholders approve the transaction. The transaction is subject to customary conditions, including approval by Chart shareholders, and the receipt of applicable regulatory approvals.
The transaction is expected to be completed by mid-year 2026.
