Baker Hughes is reportedly close to finalizing a $13.6 billion all-cash deal to acquire Chart Industries, surpassing a previous agreement Chart had made with Flowserve. The new deal would mark a major shift from Chart’s earlier $19 billion all-stock merger plan with Flowserve, which has now been called off, according to sources familiar with the matter.
Chart Industries, known for producing industrial equipment like valves and measurement systems used in gas and liquid molecule handling, had a market capitalization of $7.71 billion at the close of trading on Monday. Its stock, which ended at $171.65, surged over 17 percent in after-market trading to $202 after news of the Baker Hughes deal emerged.
The proposed acquisition would value Chart’s equity at around $210 per share, offering a 22 percent premium over its market value. This higher bid from Baker Hughes prompted Chart’s board to reconsider the previously announced merger with Flowserve.
The deal is expected to be announced soon, although sources have cautioned that discussions are still ongoing and could change.
Baker Hughes has been focusing on expanding its industrial and energy technology portfolio, especially in the natural gas and liquefied natural gas sectors. This acquisition would further strengthen its position in those markets.
Neither Baker Hughes, Chart Industries, nor Flowserve have issued official statements yet regarding the development.
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