Chart Industries, Inc. (GTLS) entered a merger agreement on June 4, 2025, to combine with Flowserve Corporation (FLS) in an all-stock deal valued at $10.71 billion.
Under the terms of the agreement, Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. The ratio represents an implied value of $159.90 per share, which is at a discount of 1.05% from the stock’s last close.
Chart Industries is a global leader in designing and manufacturing engineered equipment and process technologies for the energy and industrial gas sectors, with a focus on clean energy solutions such as LNG, hydrogen, biogas, and CO₂ capture.
Flowserve is a global leader in fluid motion and control, providing pumps, valves, seals, and flow management services for industries such as oil and gas, power, water, and chemicals across more than 50 countries.
Chart shareholders will own approximately 53.5% of the combined company, while Flowserve shareholders will hold the remaining 46.5%.
The merger combines Chart’s strengths in technologies such as compression, cooling, cryogenics, and specialized solutions with Flowserve’s expertise in managing the flow of liquids and gases.
The combined company, with an expected enterprise value of $19 billion, is projected to achieve about $300 million in annual cost synergies within three years of closing the transaction.
After the deal closes, which is expected in the fourth quarter of 2025, the new company’s Board will have 12 members, six from Chart and six from Flowserve. Jill Evanko, current CEO of Chart, will be the Chair of the Board. Scott Rowe, current CEO of Flowserve, will become the CEO of the combined company.
The combined company will be headquartered in Dallas, Texas, and will maintain a presence in Atlanta and Houston, supported by operations in over 50 countries worldwide. A new name and brand will be introduced following the close of the transaction.
Wells Fargo is Chart’s financial advisor, and Winston & Strawn is its legal advisor. Collected Strategies is helping with strategic communications. For Flowserve, Guggenheim Securities is the financial advisor, and Cravath, Swaine & Moore is the legal advisor. Joele Frank, Wilkinson Brimmer Katcher, is handling strategic communications, and Veriten is acting as an independent strategic advisor.
Flowserve is acquiring Chart at 10.60 times EBITDA.
For a comprehensive understanding of this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Chart Industries, Inc. (GTLS) by Flowserve Corporation (FLS)
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– Spread history chart of the merger from announcement through completion or failure.
– All events as the merger progresses, including the HSR period expiration, regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article