Investment Rating - The report assigns an "Outperform" rating to Chart Industries, indicating an expected relative return exceeding 10% over the next 12-18 months [19]. Core Insights - Chart Industries is set to merge with Flow Control Systems, creating a combined entity valued at $19 billion, with Chart shareholders holding approximately 53.5% of the new company [2]. - The merger aims to enhance product offerings and customer reach, leveraging digital integration and differentiated solutions across various end markets, including LNG and nuclear services [1][2]. - The company anticipates achieving $300 million in annual synergies within three years post-merger, with 40% from management cost optimization and 60% from operational cost savings [2]. Summary by Sections Transaction Details - The merger is expected to close in Q4 2025, with projected revenues of $8.8 billion from core operations and $3.7 billion from aftermarket services, alongside an EBITDA margin of approximately 23% [2]. - The combined entity will maintain a net debt to EBITDA ratio of 2.0 times and continue Flow's historical dividend policy while retaining stock buyback options [2]. Geographic and End-User Diversification - The merger will result in a geographically complementary distribution of revenues, enhancing coverage across the LNG, chemical, process industries, and nuclear sectors [3].