EU Approves $14 Billion Baker Hughes Acquisition of Chart Industries

The European Commission mandated that Chart Industries sell off its proprietary process technology and its small-scale process technology business to satisfy antitrust requirements. Additionally, the companies must ensure their equipment remains interoperable with third-party LNG systems for the next decade. These concessions were deemed sufficient to resolve the Commission’s competition worries.

Baker Hughes originally announced the deal last year, valuing Chart Industries at approximately $13.6 billion including debt. The acquisition centers on Chart’s expertise in cryogenics and heat transfer technology, which serves industrial clients and data centers. With regulatory hurdles now cleared, Baker Hughes remains on track to finalize the transaction by mid-2024, aligning with the company's initial guidance.