Baker Hughes announced Tuesday that it will acquire Chart Industries in a $13.6 billion all-cash transaction aimed at strengthening its position in energy and industrial technology, particularly in liquefied natural gas (LNG), hydrogen and carbon capture.
Under the terms of the agreement, Baker Hughes will purchase all outstanding shares of Chart’s common stock for $210 per share in cash. The deal, unanimously approved by both companies’ boards of directors, is expected to close by mid-2026, pending regulatory and shareholder approvals.
Chart Industries is a global leader in process technologies and equipment for gas and liquid molecule management. The company generated $4.2 billion in revenue and $1 billion in adjusted EBITDA in 2024 and operates 65 manufacturing sites and more than 50 service centers worldwide. Chart’s product lines span heat transfer, gas handling, and process equipment that serve every phase of the liquid gas supply chain—from design and installation to aftermarket service and digital monitoring.
“This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “Chart’s offerings are highly complementary to ours, especially as we expand our Industrial & Energy Technology segment. This positions us to better serve customers across critical applications, particularly in LNG, hydrogen and decarbonization technologies.”
The combined entity will benefit from expanded capabilities in gas compression, cryogenic technologies and modular infrastructure for LNG and hydrogen production—markets where both companies already have a presence. Baker Hughes said the acquisition enhances its lifecycle service offerings and will strengthen its recurring revenue from digital and aftermarket services.
For Baker Hughes, the deal advances its goal of becoming a top-tier provider of energy transition technologies, with Simonelli noting that Chart’s installed base and engineering culture are well aligned with Baker Hughes’ focus on integrated solutions and high-value services.
“This all-cash transaction delivers immediate value to Chart shareholders,” said Chart President and CEO Jill Evanko. “We’ve built a robust, engineering-driven portfolio across LNG, hydrogen and carbon capture. Baker Hughes shares our culture and commitment to operational excellence. Together, we can offer more integrated solutions to meet the world’s energy access and sustainability challenges.”
The combination is expected to be immediately accretive to earnings and margins, with Baker Hughes forecasting double-digit earnings-per-share growth in the first full year post-close. The company identified approximately $325 million in cost synergy opportunities by the end of year three, which it expects to realize through manufacturing scale, supply chain consolidation and streamlined R&D and SG&A expenses.
The deal also diversifies Baker Hughes’ customer base by increasing exposure to stable industrial markets such as industrial gas, metals and mining, and food and beverage—all of which increasingly rely on gas handling and cryogenic systems.
To finance the transaction, Baker Hughes secured fully committed bridge debt financing from Goldman Sachs and Morgan Stanley, which will be replaced with long-term debt prior to closing. Baker Hughes said it remains committed to maintaining an “A” credit rating and expects to reduce net leverage to 1.0–1.5 times within 24 months of closing.
The acquisition follows a series of collaborations between Baker Hughes and Chart in hydrogen, LNG, and carbon capture applications. Their combined portfolio will offer integrated capabilities in rotating and stationary equipment, digital services, and modular infrastructure for high-growth, low-carbon energy markets.
Investor analysts have responded positively to the deal, citing Chart’s strong EBITDA margins, global manufacturing base, and growth in decarbonization-related demand as key value drivers. For Baker Hughes, the transaction represents its most significant move yet to build out its Industrial & Energy Technology platform as a standalone growth engine apart from its traditional oilfield services segment.
