Chart shareholders approve $13.6bn acquisition by Baker Hughes

Chart Industries has announced shareholder approval for the acquisition of the company by Baker Hughes in a transaction worth up to $13.6bn.

The decision was made during a special meeting where the majority of shareholders voted in favour of the definitive agreement, signed in July this year.

Under the terms of the deal, Baker Hughes will purchase all outstanding shares of Chart’s common stock for $210 per share in cash.

Both companies' boards of directors unanimously approved the transaction, which is expected to conclude by mid-2026, pending customary conditions and regulatory approvals.

Chart president and CEO Jill Evanko said: “We are pleased to deliver this transaction to Chart shareholders and thank them for their support.

“With this important milestone now achieved, we look forward to moving forward with the completion of the transaction.”

Chart Industries specialises in designing, engineering and manufacturing process technologies and equipment for gas and liquid molecule handling.

The company operates 65 manufacturing sites and more than 50 service centres worldwide. It reported $4.2bn in revenues and $1bn in adjusted earnings before interest, taxes, depreciation and amortisation last year.

Baker Hughes said the acquisition is part of its strategy to enhance its position as a provider of energy and industrial solutions.

The acquisition is expected to strengthen its Industrial & Energy Technology segment, broadening its capabilities in various energy and industrial applications.

Baker Hughes said the deal would enable it to expand its reach in high-growth markets such as liquefied natural gas, data centres, and clean energy, enhancing its earnings and cash flow resilience.

Goldman Sachs & Co., Centerview Partners, and Morgan Stanley & Co. are serving as financial advisers, while Cleary Gottlieb Steen & Hamilton and WilmerHale are legal advisers to Baker Hughes on this transaction.

Wells Fargo is serving as financial adviser and Winston & Strawn as legal adviser to Chart.

Baker Hughes chairman and CEO Lorenzo Simonelli said: “We are pleased that Chart shareholders have approved our pending acquisition as we aim to capitalise on the momentum of both companies.

“Our strategy has delivered total shareholder returns of 340% over the past five years, 150% over the past three years and 38% in the last 12 months, significantly outperforming our peers.

“With the pending acquisition of Chart, we are undertaking a comprehensive evaluation of our capital allocation focus, business, cost structure and operations, with a view toward delivering additional value for our shareholders.”

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