Baker Hughes announced today a definitive agreement to acquire Chart Industries in a deal valued at a total of $13.6 billion. Notably, the acquisition will strengthen Baker Hughes’ presence in the LNG and data center sectors.
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, Baker Hughes said in a news release announcing the deal. Chart’s products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, preventative maintenance to repair and service, as well as ongoing digital monitoring. Chart generated $4.2 billion in revenue in 2024. It operates 65 manufacturing locations with over 50 service centers globally.
“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. “We know Chart well, having worked alongside them on many critical energy infrastructure projects.”
“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 across attractive growth markets such as LNG, data centers and New Energy,” Simonelli continued.
“This all-cash transaction with Baker Hughes delivers immediate value to Chart shareholders,” said Chart President and CEO Jill Evanko. “Thanks to the outstanding work of our global OneChart team, we have successfully built a product and solution portfolio that spans front-end engineering design through aftermarket services.”
“The Baker Hughes team shares our engineering-focused culture and commitment to operational excellence,” Evanko continued. “Our complementary solutions fit seamlessly with Baker Hughes’ Industrial & Energy Technology segment, and together we can help our customers solve the most critical energy access and sustainability needs.”
Baker Hughes detailed compelling strategic and financial benefits from the deal, including:
Strategic expansion into growth markets, including data centers, New Energy and industrial gas.
Complementary capabilities: Baker Hughes’ core competencies in rotating equipment, flow control and digital technology pair well with Chart’s competencies in heat transfer, air and gas handling, and process technologies.
Stronger lifecycle revenue mix: The combined company will have a large and structurally growing installed base creating opportunities to drive growth in high-value aftermarket products and services, as well as digital services using Chart’s Uptime digital platform.
Delivers substantial synergies: Baker Hughes has identified $325 million of annualized cost synergy opportunities by the end of year three.
Attractive financial profile and shareholder returns
