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Investing.com-- Oilfield services group Baker Hughes Co (NASDAQ:BKR) said on Tuesday it would acquire Chart Industries (NYSE:GTLS), confirming a transaction first reported by the Financial Times.
Chart Industries shares soared over 16% in premarket trading Tuesday, while Baker stock slipped around 1% as of 06:59 ET.
The offer values Chart’s equity at $210 per share, a 22% premium to its Monday closing price. It displaces a prior $19 billion all-stock merger agreement that Chart had reached with rival Flowserve Corporation (NYSE:FLS), which has now been terminated.
The acquisition would strengthen Baker Hughes’ presence in sectors including liquefied natural gas, nuclear energy and data centres, bolstering its growing industrial and energy technology division.
“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,” said Baker Hughes Chairman and CEO Lorenzo Simonelli.
Chart CEO Jill Evanko said the deal “delivers immediate value to Chart shareholders,” highlighting the strong strategic fit with Baker Hughes and their shared focus on engineering and "operational excellence."
Chart, which specialises in low-temperature gas and liquid handling equipment, was initially seeking to merge with Flowserve to expand its industrial footprint.
The deal is expected to close by mid-2026.
(Additional reporting by Vahid Karaahmetovic.)