Representative End User Clients
Representative Automation Clients
Representative Software Clients
Baker Hughes to acquire all outstanding shares of Chart Industries for $210 per share in cash, valuing the transaction at $13.6 billion in enterprise value.
Baker Hughes and Chart Industries have entered into a definitive agreement that will combine their complementary capabilities across the energy and industrial sectors. Chart is a global provider of process technologies and equipment for gas and liquid molecule handling, with applications across natural gas, data centers, decarbonization, and other industrial end markets. In 2024, Chart generated $4.2 billion in revenue and $1.0 billion in adjusted EBITDA, operating 65 manufacturing locations and over 50 service centers worldwide.
Key Transaction Highlights
Strategic Expansion: The acquisition enhances Baker Hughes’ Industrial & Energy Technology segment with products and services that span the lifecycle of projects, including engineering, installation, maintenance, repair, and digital monitoring.
Broader Market Reach: Chart’s portfolio will expand Baker Hughes’ presence in sectors, such as liquefied natural gas (LNG), data centers, space, industrial gas, metals and mining, and food and beverage.
Lifecycle Revenue Growth: The combined installed base will help to create opportunities for increased service penetration and recurring revenue, supported by Baker Hughes’ service network and Chart’s Uptime digital platform.
Operational Synergies: Baker Hughes expects $325 million in annualized cost synergies by the end of the third year, through manufacturing efficiencies, supply chain consolidation, and streamlined SG&A and R&D functions.
Financial Impact: The transaction is projected to be accretive to growth, margins, earnings per share, and cash flow, with double-digit EPS growth expected in the first full year post-closing.
Transaction Details
Under the agreement, Chart shareholders will receive $210 per share in cash. Baker Hughes has secured fully committed bridge debt financing, which will be replaced with permanent debt prior to close. The company plans to maintain its A credit rating, reduce net leverage to 1.0–1.5x within 24 months, and resume share repurchases after achieving its leverage target.
The Boards of Directors of both companies have unanimously approved the transaction, which remains subject to regulatory and shareholder approvals. Closing is expected by mid-2026.
Follow ARC Advisory Group for the latest trends in sustainability, automation, and next generation technology.