Baker Hughes’ $13.6 billion move on Chart spotlights gas, data centers, and decarbonization growth drivers

July 30, 2025, by Melisa Cavcic

U.S.-headquartered energy technology giant Baker Hughes has made a multibillion-dollar play for Chart Industries to take its energy and industrial technology strategy to a new level, high-grading its portfolio with differentiated capabilities across a diverse set of markets, with an emphasis on natural gas, data centers, and energy transition undertakings, which are expected to drive further growth.

While disclosing a definitive agreement to buy all outstanding shares of Chart’s common stock for $210 per share in cash, equivalent to a total enterprise value of $13.6 billion, Baker Hughes underlines that the move will transform its Industrial & Energy Technology segment with highly complementary capabilities, enabling enhanced value-creation solutions for customers across the lifecycle of projects and accelerating aftermarket growth through increased service penetration of combined installed base.

As $325 million in annualized cost synergies is expected to be realized at the end of the third year, the company highlights the financial impact of the acquisition, which is perceived to be accretive to growth, margins, EPS, and cash flow. Chart’s products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, preventative maintenance to repair, and service, as well as ongoing digital monitoring.

Jill Evanko, Chart’s President and CEO, commented: “This all-cash transaction with Baker Hughes delivers immediate value to Chart shareholders. Thanks to the outstanding work of our global OneChart team, we have successfully built a product and solution portfolio that spans front-end engineering design through aftermarket services.

“The Baker Hughes team shares our engineering-focused culture and commitment to operational excellence. Our complementary solutions fit seamlessly with Baker Hughes’ Industrial & Energy Technology segment, and together we can help our customers solve the most critical energy access and sustainability needs.”

This acquisition is seen as a way to expand Baker Hughes’ offerings in growth markets, including data centers, space, and new energy, broadening the firm’s exposure to more durable industrial sectors such as industrial gas, metals and mining, and food and beverage, and strengthening the company’s set of capabilities to solve complex energy challenges and support customers’ sustainability goals.

Lorenzo Simonelli, Baker Hughes’ Chairman and CEO, emphasized: “This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company.

“We know Chart well, having worked alongside them on many critical energy infrastructure projects. Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications.”

Baker Hughes’ rationale behind Chart acquisition

Chart, which operates 65 manufacturing locations with over 50 service centers globally, generated $4.2 billion in revenue and $1 billion adjusted EBITDA in 2024. Aside from strengthening its lifecycle revenue mix, Baker Hughes is adamant that the acquisition will bring a combination of strong growth, attractive margins, and the synergy potential to expand operating margins, meeting all its return criteria, including double-digit ROIC.

The company believes that its core competencies in rotating equipment, flow control, and digital technology pair well with Chart’s competencies in heat transfer, air and gas handling, and process technologies.

Since both players’ boards of directors have unanimously approved the transaction, which is subject to customary conditions, including approval by Chart shareholders and the receipt of applicable regulatory approvals, the completion is expected by mid-year 2026.

Simonelli underscored: “The combination positions Baker Hughes to be a technology leader that can provide engineering and technology expertise to meet the growing demand for lower-carbon, efficient energy and industrial solutions across attractive growth markets such as LNG, data centers and new energy.

“The acquisition also delivers compelling financial returns for our shareholders. Adding this high-growth, high-margin business to our Industrial & Energy Technology segment will deliver strong earnings accretion and returns, contributing to an improved growth and margin profile.”