Particle.news

Download on the App Store

Baker Hughes Pursues $13.6 Billion Cash Acquisition of Chart Industries

A successful cash bid for Chart would scuttle its planned $19 billion merger with Flowserve, reinforcing Baker Hughes’s industrial and energy technology division.

The acquisition of Chart by Baker Hughes comes as the Big 3 oilfield services companies look to further expand into the growing liquefied natural gas industry.
The logo of energy services firm Baker Hughes is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
Image
The logo of Baker Hughes (BKR) is seen in this image provided July 21, 2020. Baker Hughes/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT

Overview

  • Baker Hughes is in advanced talks to purchase Chart Industries for $13.6 billion in cash, according to unnamed sources.
  • The deal would override Chart’s $19 billion all-stock agreement with Flowserve that aimed to integrate a network of more than 5.5 million assets across 50‐plus countries.
  • Baker Hughes’s industrial and energy technology division posted a $43.5 billion order backlog in the second quarter, powered by $550 million of data center orders despite limited LNG awards.
  • The acquisition would strengthen Baker Hughes’s liquefied natural gas equipment and services ahead of rising European imports of U.S. LNG driven by recent transatlantic energy pacts.
  • Sources emphasize that negotiations are non-binding and subject to change pending due diligence and final approvals.