Baker Hughes, announced at the end of July the agreement to acquire Chart Industries for $13.6 billion. 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.
Through this transaction, Baker Hughes will position itself as a technology leader in growth markets such as LNG, data centers and new energy, primarily hydrogen and carbon capture. The deal, which is expected to close by mid-2026, cancels the previous merger announced earlier in June by Flowserve Corporation, a provider of flow control products and services for the global infrastructure markets, which had signed a definitive agreement to acquire Chart Industries, Inc. in a merger worth approximately $7.2 billion.
At the end of July, however, the Flowserve Board of Directors’ decided not to submit a revised offer to merge with Chart, after being notified that Chart’s Board of Directors had determined that a recent unsolicited acquisition proposal from Baker Hughes constituted a “superior proposal” under the terms of the merger agreement. In accordance with the terms of the merger agreement, Flowserve will receive a $266 million termination payment.
“This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications”.
Baker Hughes has secured fully committed bridge debt financing to fund the transaction, provided by Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc.