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(Bloomberg) — Baker Hughes Co. agreed to buy Chart Industries Inc. for about $9.6 billion in cash, seeing off a rival takeover attempt for the US industrial gas equipment maker.
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Chart investors will get $210 a share, the companies said Tuesday in a statement. Chart terminated an accord reached last month to merge with Flowserve Corp.
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The deal consolidates Baker Hughes’ position in US liquefied natural gas services, a sector that’s set to boom with exports of the fuel potentially doubling this decade. Specializing in cryogenic equipment, Chart is a leading manufacturer of technology to liquefy natural gas.
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The transaction is also one of the biggest by an oil field-services company and the largest in the field since the transformative merger of Baker Hughes with the oil and gas business of General Electric Co. Furthermore, buying Chart will bolster Baker Hughes’ presence in the rapidly growing markets for services related to data centers and nuclear energy.
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Baker Hughes, which is based in Houston, is already contracted to supply equipment to several gas-export projects in the US, including Woodside Energy Group Ltd.’s planned Louisiana LNG complex and plants developed by Venture Global Inc.
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Shares of Chart rose 16% to $199.90 as of 6:58 a.m. in New York before the start of regular trading. Baker Hughes dropped 1.3% to $45.96. Flowserve gained 4.8% to $57.50.
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Goldman Sachs Group Inc., Centerview Partners LLC, and Morgan Stanley are financial advisers to Baker Hughes on the deal and Cleary Gottlieb Steen & Hamilton LLP and WilmerHale are its legal advisers. Wells Fargo & Co. is financial adviser to Chart and Winston & Strawn is its legal adviser.
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—With assistance from Anna Shiryaevskaya.
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(Updates with equity value of deal in headline and first paragraph, share prices in sixth paragraph, advisers in seventh.)
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English (US)