According to the Financial Times, Baker Hughes, the world's leading oilfield services group, is nearing a blockbuster deal to acquire industrial equipment manufacturer Chart Industries for approximately $13.6 billion in an all-cash transaction.
The acquisition, which will replace the $19 billion all-stock transaction Chart Industries reached with Flowserve earlier this year, is described as a "merger of equals." Sources familiar with the matter have confirmed that the merger agreement between Chart Industries and Flowserve has terminated.
Chart Industries originally agreed to merge with Flowserve to strengthen its position as a provider of equipment and services for liquid and gas flow management across multiple industries.
For Baker Hughes, the acquisition of Chart Industries is a key step in its strategic transformation. Chart Industries specializes in providing gas and liquid handling equipment and services for industrial customers, particularly liquefied natural gas (LNG), in extreme low-temperature environments. Chart Industries holds leading technologies in fast-growing sectors such as nuclear power, hydrogen, carbon capture, and data center cooling. This acquisition will significantly enhance Baker Hughes' strength and presence in the industrial market, particularly its fast-growing Industrial and Energy Technologies (IET) division.
If the transaction is successfully completed, it will reshape the market landscape for industrial gas processing equipment and services, positioning Baker Hughes as a core provider of equipment and technology solutions in key areas of energy transition (such as LNG) and new energy infrastructure.
Baker Hughes has reportedly supplied approximately 150 compressor trains to China's West-East Gas Pipeline Project.
In 2023, Ingersoll Rand acquired Chart Industries LLC (formerly Howden Roots) in an all-cash transaction for approximately $300 million.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company providing solutions to energy and industrial customers worldwide. Operating in more than 120 countries, Baker Hughes employs approximately 57,000 people.
The company has two business segments: Oilfield Services and Equipment (OFSE) and Industrial and Energy Technologies (IET).
Baker Hughes' predecessor, Baker International, was founded in 1907 and merged with Hughestol in 1987 to form Baker Hughes. In July 2017, GE Baker Hughes merged with GE Oil & Gas to form BHGE. BHGE officially changed its name to Baker Hughes in October 2019. The multinational group provides advanced oil and gas technology services and equipment across the upstream, midstream, and downstream oil and gas industries.
