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Baker Hughes to Acquire Chart Industries for $13.6 Billion, Outbidding Flowserve

The $210-per-share bid boosts Baker Hughes’s LNG, low-carbon energy scale with approval anticipated by mid-2026

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
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Illustration; Source: Baker Hughes

Overview

  • Chart Industries terminated its $19 billion all-stock merger with Flowserve and agreed to pay a $266 million termination fee after accepting Baker Hughes’s cash offer
  • Baker Hughes’s $13.6 billion all-cash acquisition values Chart at $210 per share, a 22% premium over its pre-offer price
  • The deal leverages Chart’s 65 manufacturing sites and more than 50 service centers to expand Baker Hughes’s global footprint in LNG and data center markets
  • The acquisition remains subject to regulatory approvals and customary closing conditions, with completion expected by mid-2026
  • Baker Hughes plans to draw on its $43.5 billion order backlog, including over $550 million in data center orders, to drive growth in efficient and lower-carbon energy solutions