Baker Hughes To Acquire Chart Industries For $13.6 Billion

Baker Hughes Company (BKR) entered a merger agreement on July 29, 2025, to acquire Chart Industries, Inc. (GTLS) in a deal valued at $13.6 billion.

Deal Structure:

Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash, representing a premium of 22.34% from the stock’s last close.

Company Profile:

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 like LNG, hydrogen, biogas, and CO₂ capture.

Baker Hughes is a global energy technology company that provides advanced equipment, services, and digital solutions across the energy and industrial value chain, helping make energy safer, cleaner, and more efficient.

Deal Details and Timeline:

Prior to the deal, Chart terminated its $11 billion merger agreement with Flowserve (FLS), through which Flowserve will receive a $266 million termination payment.

By the end of year three, Baker Hughes expects to realize $325 million in annualized cost synergy opportunities through this deal. The deal is expected to quickly boost growth, improve profit margins, and increase cash flow, with earnings per share (EPS) rising by double digits in the first full year after it closes, which is expected by mid-year 2026.

Baker Hughes has secured fully committed bridge financing for the transaction from Goldman Sachs Bank USA, Goldman Sachs Lending Partners, and Morgan Stanley Senior Funding. This financing is expected to be replaced with permanent debt prior to closing.

Wells Fargo advised Chart Industries on the financial side, and Winston & Strawn acted as their legal advisor. Baker Hughes received financial advice from Goldman Sachs, Centerview Partners, and Morgan Stanley, with legal support from Cleary Gottlieb Steen & Hamilton and WilmerHale.

Baker Hughes is paying 12.72 times EBITDA for Chart Industries.

Deal Metrics:

For a closer look at the specifics of this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Chart Industries, Inc. (GTLS) by Baker Hughes Company (BKR)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article