Baker Hughes has agreed to acquire Chart Industries for $210 per share in cash, with the total enterprise value reaching $13.6bn.
This acquisition aims to bolster Baker Hughes’ strategy in energy and industrial technology sectors.
Listed on the New York Stock Exchange (NYSE), Chart Industries specialises in designing and manufacturing technology for handling gas and liquid molecules across various industrial and energy markets.
In 2024, Chart Industries reported a revenue of $4.2bn and an adjusted EBITDA of $1bn. The company operates 65 manufacturing locations and over 50 service centres globally.
Before the agreement with Baker Hughes, Chart Industries terminated its previously announced all-stock merger deal with Flowserve.
Chart Industries’ board of directors found Baker Hughes’ proposal superior to the one from Flowserve.
The merger agreement with Flowserve was signed in June 2025. It was set to create a company valued at approximately $19bn.
“This all-cash transaction with Baker Hughes delivers immediate value to Chart shareholders,” said
Chart Industries president and CEO Jill Evanko said: “Thanks to the outstanding work of our global OneChart team, we have successfully built a product and solution portfolio that spans front-end engineering design through aftermarket services. The Baker Hughes team shares our engineering-focused culture and commitment to operational excellence.
“Our complementary solutions fit seamlessly with Baker Hughes’ Industrial & Energy Technology segment, and together we can help our customers solve the most critical energy access and sustainability needs.”
Through the acquisition, Baker Hughes is expected to advance its objective of becoming a leader in energy and industrial technology by integrating Chart Industries’ capabilities to address energy challenges and sustainability goals.
The deal will expand Baker Hughes’ presence in growth markets such as data centres and new energy sectors.
Baker Hughes anticipates significant synergies from the merger, estimating annualised cost savings of $325m within three years. The combined company’s strengths in service offerings and technology are expected to drive growth in high-value aftermarket products and digital services.
Baker Hughes chairman and CEO Lorenzo Simonelli said: “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 distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications.
“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 centres and New Energy.”
Both companies’ boards of directors have approved the transaction unanimously. It now requires approval from Chart Industries’ shareholders and regulatory authorities.
Completion of the deal is expected by mid-2026.
Last month, Baker Hughes signed a deal valued at $344.5m to sell a 65% stake in its surface pressure control (SPC) business to Cactus, a manufacturer of pressure control equipment for the oil and gas industry.
