Baker Hughes to acquire Chart Industries in $13.6bn deal
Baker Hughes has announced plans to acquire Chart Industries for $13.6 billion in an all-cash transaction that will significantly strengthen its position in the energy and industrial technology sector.
The Houston-based energy services company will pay $210 per share for Chart Industries, a global leader in gas and liquid molecule handling technologies. Chart, which generated $4.2 billion in revenue and $1.0 billion adjusted EBITDA in 2024, operates 65 manufacturing locations and over 50 service centres worldwide.
The acquisition represents a strategic move for Baker Hughes as it seeks to expand its Industrial & Energy Technology segment and capitalise on growing demand for lower-carbon energy solutions. Chart's specialised capabilities span critical growth markets including liquefied natural gas (LNG), data centres, and renewable energy applications.
"This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution," said Lorenzo Simonelli, Baker Hughes' Chairman and CEO. "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."
The deal is expected to deliver substantial synergies, with Baker Hughes projecting $325 million in annualised cost savings by the end of year three. The company plans to achieve these through manufacturing efficiencies, supply chain consolidation, and optimisation across research and development functions.
Chart's President and CEO, Jill Evanko, described the transaction as delivering "immediate value to Chart shareholders" whilst highlighting the complementary nature of both companies' engineering-focused cultures.
The transaction, which has received unanimous approval from both boards of directors, is subject to Chart shareholder approval and regulatory clearance. Baker Hughes has secured fully committed bridge financing from Goldman Sachs and Morgan Stanley to fund the acquisition.
The deal is expected to complete by mid-2026, with Baker Hughes maintaining its commitment to an A credit rating whilst projecting net leverage of 2.25x at closing, reducing to 1.0-1.5x within 24 months.
