Baker Hughes and Chart Industries have announced a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash. The transaction represents a total enterprise value of approximately $13.6 billion.
Chart Industries is a global leader in designing, engineering and manufacturing process technologies and equipment for gas and liquid molecule management. Operating across a wide range of industrial and energy markets, Chart’s highly specialised technologies span the full liquid gas supply chain—from front-end engineering and installation to preventative maintenance, repair, and digital monitoring. In 2024, Chart reported revenues of $4.2 billion and adjusted EBITDA of $1.0 billion. The company operates 65 manufacturing facilities and more than 50 service centres worldwide.
“This acquisition marks a significant milestone for Baker Hughes and is a strong demonstration of our strategic focus and financial discipline as we evolve as a leading energy and industrial technology company,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “We are deeply familiar with Chart, having collaborated on key energy infrastructure projects. Their offerings align seamlessly with ours, enabling us to deliver comprehensive lifecycle solutions for critical applications. The acquisition positions Baker Hughes to lead in providing innovative, lower-carbon energy and industrial solutions across fast-growing sectors such as LNG, data centres and New Energy.”
Simonelli added, “This transaction will enhance our Industrial & Energy Technology segment with a high-growth, high-margin business, delivering meaningful earnings accretion and contributing to a more robust growth and margin profile. We look forward to welcoming the Chart team into the Baker Hughes family and creating long-term value for our shareholders.”
Chart president and CEO Jill Evanko said, “This all-cash transaction with Baker Hughes provides immediate and compelling value for our shareholders. Thanks to the dedication of our global OneChart team, we have developed a comprehensive product and service portfolio that spans from initial design through to aftermarket support. Baker Hughes shares our engineering-driven culture and operational standards. Together, our complementary solutions will strengthen Baker Hughes’ Industrial & Energy Technology segment and enable us to address the world’s most pressing energy and sustainability challenges.”
Strategic and Financial Highlights
Advances Baker Hughes’ Strategic Vision
The combined company will be uniquely positioned to support customers’ sustainability goals through an enhanced portfolio of technologies, helping to address complex energy challenges and contributing to a lower-carbon, more resource-efficient future.
Increases Exposure to High-Growth Markets
Chart’s offerings will significantly deepen Baker Hughes’ reach into fast-growing markets such as data centres, space, and New Energy. The deal will also expand Baker Hughes’ presence in resilient industrial sectors like industrial gases, metals and mining, and food and beverage, thereby enhancing its addressable market and long-term growth prospects.
Complementary Technology Portfolios
Baker Hughes’ expertise in rotating equipment, flow control and digital solutions complements Chart’s strengths in heat transfer, air and gas handling, and process technologies, creating a comprehensive solution set for customers.
Enhances Lifecycle Revenue Opportunities
The acquisition creates a structurally expanding installed base, boosting high-value aftermarket services and digital offerings. Baker Hughes’ extensive global service footprint will enable higher service rates and recurring revenue streams across the enlarged portfolio.
Realises Cost Synergies
Baker Hughes has identified $325 million in annualised cost synergies, targeted by the end of year three. These efficiencies will stem from manufacturing scale, supply chain consolidation, and optimisation across SG&A and R&D. The company’s robust business system, which has driven IET margin gains over the past three years, underpins confidence in synergy delivery.
Delivers Strong Financial Returns
The transaction is expected to be immediately accretive to Baker Hughes’ growth, margins and cash flow, with projected double-digit EPS accretion in the first full year post-close. The deal meets all of Baker Hughes’ return benchmarks, including double-digit return on invested capital (ROIC), and supports long-term financial performance through synergy realisation and accelerated margin expansion.
Transaction Structure and Approvals
Under the agreement, Chart shareholders will receive $210 per share in cash. The purchase price reflects a multiple of approximately 9x Chart’s consensus 2025 EBITDA on a fully synergised basis.
The acquisition will be funded through fully committed bridge financing arranged by Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc. This will later be replaced with permanent debt. Baker Hughes has affirmed its commitment to maintaining an A credit rating and expects to reduce net leverage from 2.25x at close to between 1.0x and 1.5x within 24 months, supported by free cash flow and anticipated divestiture proceeds. Share repurchases will resume once the target leverage is achieved, at which point 60 to 80 percent of free cash flow is expected to be returned to shareholders.
The transaction has received unanimous approval from the Boards of Directors of both Baker Hughes and Chart, with the latter recommending shareholder approval. Completion is subject to customary conditions, including regulatory approvals and a vote by Chart shareholders, and is expected by mid-2026.
For more information visit www.bakerhughes.com
