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Chart Industries' Shareholders Approve Acquisition by Baker Hughes
Globenewswire· 2025-10-06 12:30
ATLANTA, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart” or the “Company”) today announced that its shareholders voted to approve the Company’s acquisition by Baker Hughes (NASDAQ: BKR). At the special meeting of Chart shareholders held today, a majority of the outstanding shares of Chart common stock were voted in favor of the adoption of the definitive merger agreement. Under the terms of the merger agreement, Chart shareholders will be entitled to receive $210.00 per share ...
Baker Hughes to Acquire Chart Industries, Accelerating Energy & Industrial Technology Strategy
Globenewswire· 2025-07-29 10:30
Core Viewpoint - Baker Hughes has announced a definitive agreement to acquire Chart Industries for $210 per share, totaling an enterprise value of $13.6 billion, marking a significant strategic move in the energy and industrial technology sector [1][9]. Company Overview - Chart Industries is a global leader in designing, engineering, and manufacturing process technologies for gas and liquid molecule handling, generating $4.2 billion in revenue and $1.0 billion in adjusted EBITDA in 2024 [2]. - The company operates 65 manufacturing locations and over 50 service centers worldwide, providing a comprehensive portfolio that spans the entire liquid gas supply chain [2]. Strategic Rationale - The acquisition is seen as a milestone for Baker Hughes, enhancing its position as a leading energy and industrial technology company, with complementary products and services that align with the growing demand for lower-carbon energy solutions [3][7]. - The combination is expected to deepen Baker Hughes' exposure to high-growth markets such as LNG, data centers, and New Energy, significantly increasing its addressable market [7][8]. Financial Impact - The transaction is projected to deliver strong earnings accretion and returns, with an expected $325 million in annualized cost synergies by the end of the third year [6][14]. - Baker Hughes anticipates immediate accretion to growth, margins, and cash flow, with double-digit EPS accretion in the first full year post-transaction [14]. Transaction Details - Chart shareholders will receive $210 per share in cash, representing a purchase price that equates to approximately 9 times Chart's consensus 2025 EBITDA on a fully synergized basis [9]. - Baker Hughes has secured bridge debt financing to fund the transaction, with plans to maintain its A credit rating and reduce net leverage from 2.25x at close to a target of 1.0-1.5x within 24 months [10]. Approval Process - The Boards of Directors of both companies have unanimously approved the transaction, which is subject to customary conditions, including shareholder approval from Chart and regulatory approvals [11].