Baker Hughes has agreed to acquire Chart Industries in an all-cash transaction with an enterprise value of $13.6 billion, adding process technologies and equipment used in LNG, data centers, industrial gas and New Energy markets.
Under the definitive agreement announced on 29 July 2025, Baker Hughes will pay $210 in cash for each outstanding share of Chart Industries common stock. The transaction is expected to be completed by mid-year 2026, subject to shareholder approval, regulatory clearances and other customary conditions.
The boards of both companies unanimously approved the agreement. The board of Chart Industries also unanimously recommended that its shareholders approve the transaction.
Chart Industries designs, engineers and manufactures equipment and technologies for handling gas and liquid molecules. Its operations cover engineering, installation, maintenance, repair, service and digital monitoring across the liquid gas supply chain.
The company generated $4.2 billion in revenue and $1.0 billion in adjusted EBITDA in 2024. It also operates more than 50 service centers worldwide.
The acquisition will combine Baker Hughes’ capabilities in rotating equipment, flow control and digital technology with Chart Industries’ heat-transfer, air and gas-handling, and process technologies.
Baker Hughes expects the combined installed base to support further aftermarket and digital-service activity. Its global service network is also expected to increase service coverage for equipment supplied by Chart Industries.
The company has identified $325 million in annualized cost synergies by the end of the third year. The planned savings are expected to come from manufacturing efficiencies, supply-chain consolidation and cost reductions across selling, general and administrative expenses and research and development.
The transaction is expected to be immediately accretive to growth, margins and cash flow. Baker Hughes also expects double-digit earnings-per-share accretion in the first full year after completion.
Committed bridge financing has been arranged through Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC and Morgan Stanley Senior Funding, Inc. Baker Hughes expects to replace the bridge financing with permanent debt before the transaction closes.
Net leverage is projected at 2.25 times at closing. Baker Hughes plans to reduce it to between 1.0 and 1.5 times within 24 months after completion.
Goldman Sachs & Co. LLC, Centerview Partners LLC and Morgan Stanley & Co. LLC are serving as financial advisers to Baker Hughes. Wells Fargo is advising Chart Industries.
