Baker Hughes accelerates hydrogen and industrial technology strategy with Chart Industries acquisition

Baker Hughes and Chart Industries have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock, equivalent to a total enterprise value of $13.6 billion.

Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets, including compressors, liquefiers, liquid H2 storage tanks and refuelling solutions for the hydrogen industry.

Chart’s highly differentiated products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, from preventative maintenance to repair and service, as well as ongoing digital monitoring. A technology leader in its markets, Chart generated $4.2 billion in revenue and $1.0 billion adjusted EBITDA in 2024. It operates 65 manufacturing locations with over 50 service centres globally.

Baker Hughes Chairman and CEO Lorenzo Simonelli. Image ©Baker Hughes

Announcing the news on Tuesday, Baker Hughes Chairman and CEO Lorenzo Simonelli said: “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.

“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 centres and New Energy.”

Chart President and CEO Jill Evanko added: “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 and energy technology segment, and together we can help our customers solve the most critical energy access and sustainability needs. Our Board is proud to deliver this outcome to our shareholders.”

For more information, visit www.bakerhughes.com.