Baker Hughes Acquires Chart Industries for $13.6 Billion
Energy technology company Baker Hughes and Chart Industries on Tuesday announced that Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash, equivalent to a total enterprise value of $13.6 billion.
The Boards of Directors of both companies have each unanimously approved the transaction, and the Chart Board of Directors 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.
Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets.
Its highly differentiated products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, preventative maintenance to repair and service, as well as ongoing digital monitoring.
A technology leader in its markets, Chart generated $4.2 billion in revenue and $1 billion adjusted EBITDA in 2024. It operates 65 manufacturing locations with over 50 service centres globally.
Baker Hughes Chairman and CEO Lorenzo Simonelli said this acquisition is a milestone for Baker Hughes and a testament to their strong financial execution and strategic focus as they continue to define their position as a leading energy and industrial technology company.
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.
“The acquisition also delivers compelling financial returns for our shareholders. Adding this high-growth, high-margin business to our Industrial & Energy Technology segment will deliver strong earnings accretion and returns, contributing to an improved growth and margin profile,” Simonelli said.
Chart President and CEO Jill Evanko said that this all-cash transaction delivers immediate value to Chart shareholders.
Thanks to the outstanding work of global OneChart team, the company has 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,” Jill added.
Strategic and Financial Benefits
The deal will advance Baker Hughes’ Strategic Vision to be an Energy & Industrial Technology Leader: Chart and Baker Hughes together bring a highly differentiated set of capabilities to solve complex energy challenges and support customers’ sustainability goals – positioning the combined company as a leader in a lower-carbon, more resource-efficient future.
The acquisition also broadens Baker Hughes’ exposure to more durable industrial sectors including industrial gas, metals and mining, and food and beverage, significantly increasing Baker Hughes’ addressable market and through-cycle growth potential.
Debt Financing Secured
Baker Hughes has secured fully committed bridge debt financing to fund the transaction, provided by Goldman Sachs Bank US, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc., which is expected to be replaced with permanent debt financing prior to close.
