Chart Industries Acquisition, Valuation & Financials

Chart Industries was acquired by Baker Hughes for $14B in July 2025, a 3.2x multiple on $4.2B of revenue.

Chart Industries acquisition price

$14B

Acquired by Baker Hughes · Jul 2025

Chart Industries revenue at acquisition

$4.2B

Last twelve months · Jul 2025

Chart Industries revenue multiple at acquisition

3.2x

EV/Revenue · Jul 2025

Chart Industries EBITDA multiple at acquisition

9.0x

EV/EBITDA · Jul 2025

Chart Industries Overview

About Chart Industries

Chart Industries provides a variety of cryogenic equipment for storage, distribution, and other processes within the industrial gas and liquefied natural gas industries. It also provides natural gas processing solutions for the natural gas industry and specialty products that serve a variety of spaces, including hydrogen, biofuels, cannabis, and water treatment. The firm acquired Howden in a significant deal in early 2023, roughly doubling the size of the company. It plans to merge with Flowserve by the end of 2025.


Founded

1992

HQ

United StatesBall Ground, GA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$4.2B (Jul 2025)

Valuation

$14B (acquired Jul 2025)

Chart Industries Acquisition

Chart Industries was acquired by Baker Hughes for $14B on 29 July 2025.

The acquisition price implies a 3.2x revenue and 9.0x EBITDA multiple on $4.2B of revenue.

Chart Industries, a global provider of process technologies and equipment for gas and liquid molecule handling across natural gas, data centers, decarbonization, and industrial end markets, generated $4.2 billion in revenue and $1.0 billion in adjusted EBITDA in 2024, operating 65 manufacturing locations and over 50 service centers worldwide. Baker Hughes, an oilfield services giant and Fortune 500 company with a market cap near $45 billion, announced on July 29, 2025, a definitive agreement to acquire all outstanding shares of Chart Industries for $210 per share in cash, valuing the transaction at $13.6 billion enterprise value including assumed debt, outbidding and terminating Chart's prior merger of equals with Flowserve announced in early June 2025; Flowserve received a $266 million termination fee. The acquisition strategically expands Baker Hughes' Industrial & Energy Technology segment by integrating Chart's heat transfer, gas handling, engineering, installation, maintenance, repair, and digital monitoring capabilities, enhancing presence in high-growth sectors like liquefied natural gas (LNG), data centers, space, industrial gas, metals, mining, and food & beverage to meet demand for lower-carbon, efficient energy solutions. Baker Hughes secured fully committed bridge debt financing from Goldman Sachs and Morgan Stanley, to be replaced with permanent debt, plans to maintain its A credit rating, reduce net leverage to 1.0-1.5x within 24 months using free cash flow and potential divestitures, and resume share repurchases thereafter, projecting double-digit EPS growth, margin expansion, and cash flow accretion in the first full year post-closing at ~9x Chart's consensus 2025 EBITDA multiple. Both companies' boards unanimously approved the deal, Chart shareholders approved it on July 29, 2025, with closure expected by mid-2026 pending regulatory approvals amid industry consolidation in oilfield services, marking Baker Hughes' largest deal in years following its past GE merger and blocked Halliburton acquisition.

Chart Industries acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
29 Jul 2025Strategic M&A$14B3.2x9.0x

Chart Industries as a Public Company

Chart Industries traded as DUS: I3N before it was taken private. Its acquisition was announced in July 2025. July 2026 is its last month on record as a listed company, with a market cap of $10B and an enterprise value of $13B.

Over the 4 years before that, its market cap grew from $7.1B in July 2022 to $10B.

Chart Industries market cap while listed

Chart Industries EV/Revenue (LTM) while listed

Chart Industries financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Jul 2026$10B-----
Jul 2025$8.9B$4.4B$1.1B25%2.8x11.2x
Jul 2024$6.9B$4.1B$1B24%2.6x10.7x
Jul 2023$7.8B$2.8B$576M21%4.3x20.8x
Jul 2022$7.1B$1.6B$285M18%5.1x27.9x

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Chart Industries traded.

Acquisitions by Chart Industries

Chart Industries has acquired 15 companies to date.

Last acquisition by Chart Industries was on November 9th 2022. Chart Industries acquired Howden for $4.4B.


Latest Acquisitions by Chart Industries

Howden
cryogenic service center
Earthly Labs
L.A. Turbine
Description
Howden is a Glasgow-headquartered manufacturer of industrial fans, centrifugal and axial compressors, rotary heat exchangers, steam turbines, and gas-handling equipment. Founded in 1854, the company supplies systems to power generation, marine, oil and gas, mining, and wastewater sectors worldwide. Howden supports decarbonization efforts through energy-efficient solutions and aftermarket services from facilities in Europe, Asia, and the Americas.
-
Earthly Labs is a Denver-based provider of direct air capture technology that captures, recovers, and recycles CO2 from small-scale industrial sources like biogas plants and breweries. Their modular systems integrate hardware with software for automated carbon utilization into products such as methanol and concrete additives. The company offers financing, installation, and operations support to customers across North America and Europe. Pursuing B Corp certification, Earthly Labs emphasizes environmental impact alongside profitability. Founded in 2021, it has deployed units processing thousands of tonnes of CO2 annually for clients in food and beverage sectors.
-
HQ CountryUnited KingdomSwedenUnited StatesUnited States
HQ City
Glasgow
-
Austin, TX
-
Deal Date9 Nov 202218 May 202214 Dec 20211 Jul 2021
Valuation$4.4B$4M$73M$80M
EV/Revenue
EV/EBITDA

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Investments by Chart Industries

Chart Industries has invested in 2 companies to date.

Latest investment by Chart Industries was on September 8th 2021. Chart Industries invested in HTEC Hydrogen Technology & Energy in their $171M Undisclosed stage round.


Latest Investments by Chart Industries

HTEC Hydrogen Technology & Energy
Svante
HTEC Hydrogen Technology & Energy
Description
HTEC Hydrogen Technology & Energy is a North Vancouver-headquartered developer of hydrogen fuel cell systems and energy storage solutions. Based in British Columbia, Canada, the company engineers stationary power units and mobile hydrogen refueling stations for remote communities and industrial applications. HTEC collaborates with Ballard Power Systems on proton exchange membrane technology to support clean energy transitions in marine and backup power sectors.
Svante is a Vancouver-headquartered provider of carbon capture technologies. The company engineers solid sorbent-based filters and rotary contactors for post-combustion capture in cement plants, steel mills, and natural gas facilities. Svante partners with Chevron, Eni, and Occidental Petroleum for pilot projects in Canada and the United States. Launched in 2017, its technology achieves over 95 percent capture efficiency at industrial scales.
HTEC Hydrogen Technology & Energy is a North Vancouver-headquartered developer of hydrogen fuel cell systems and energy storage solutions. Based in British Columbia, Canada, the company engineers stationary power units and mobile hydrogen refueling stations for remote communities and industrial applications. HTEC collaborates with Ballard Power Systems on proton exchange membrane technology to support clean energy transitions in marine and backup power sectors.
HQ CountryCanadaCanadaCanada
HQ City
Vancouver
Vancouver
Vancouver
Deal Date8 Sep 20212 Feb 202115 Dec 2020
RoundUndisclosed stageSeries DStrategic investment
Raised$171M$75M$16M
InvestorsI Squared CapitalTemasek; Climate Investment; Suncor Energy; Export Development Canada; The Roda Group; Chevron Technology Ventures; BDC Capital; Carbon Direct Capital; Chrysalix Venture Capital-
Valuation$386Mundisclosed$97M
EV/Revenue
EV/EBITDA

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Chart Industries Competitors

Chart Industries competitors include listed companies like Siemens Energy India, Nordex, Goldwind Science and Jiangsu Hengli Hydraulic, and private ones like SK on and Hithium Energy Storage.

Public and private companies comparable to Chart Industries
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Siemens Energy IndiaIndiaIndiaPublicly listed$811M$158M$12B10.9x
SK onSouth KoreaSeoulPrivate--$17B-
NordexGermanyGermanyPublicly listed$8.7B$723M$11B0.9x
Goldwind ScienceChinaChinaPublicly listed$11B$1.3B$10B1.2x
Jiangsu Hengli HydraulicChinaChinaPublicly listed$1.6B$507M$19B8.9x
Hithium Energy StorageChinaXiamenPrivate--$4.2B-

Chart Industries Public Comps

Chart Industries is no longer listed, but its public comps include Kawasaki Heavy Industries, TBEA, Stanley Black & Decker, Samsung Heavy Industries, China Energy Engineering, Siemens India, Lincoln Electric, XCMG Const Machinery, LG Chem and Hitachi Energy India.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kawasaki Heavy Industries$15B$933M1.3x1.2x20.6x11.0x
TBEA$15B$2.4B1.5x1.4x9.5x9.3x
Stanley Black & Decker$15B$1.4B1.2x1.2x12.2x10.1x
Samsung Heavy Industries$7.8B$764M1.6x1.4x16.5x11.5x
China Energy Engineering$68B$3B1.0x1.0x22.5x12.9x
Siemens India$2.6B$369M5.3x5.7x36.4x53.9x
Lincoln Electric$4.2B$826M3.5x3.3x18.1x16.2x
XCMG Const Machinery$15B$1.8B1.1x1.0x9.2x8.1x

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Common questions about Chart Industries

When was Chart Industries founded?Chart Industries was founded in 1992.
Where is Chart Industries headquartered?Chart Industries is headquartered in Ball Ground, GA, United States.
Is Chart Industries publicly listed?No, Chart Industries was acquired by Baker Hughes in July 2025.
Who acquired Chart Industries?Chart Industries was acquired by Baker Hughes in July 2025.
How much was Chart Industries acquired for?Chart Industries was acquired for $14B in July 2025, a 3.2x revenue multiple.
Which companies are comparable to Chart Industries?Companies comparable to Chart Industries include Siemens Energy India, SK on, Nordex, Goldwind Science, Jiangsu Hengli Hydraulic and Hithium Energy Storage.
What was Chart Industries' market cap before the acquisition?Chart Industries had a market cap of $10B in July 2026, its last month on record as a listed company.
How many companies has Chart Industries acquired?Chart Industries has acquired 15 companies, including Howden, cryogenic service center, Earthly Labs, L.A. Turbine and Cryo Technologies.
What was the largest acquisition by Chart Industries?The $4.4B acquisition of Howden in November 2022 is the largest acquisition Chart Industries has made to date.
How many companies has Chart Industries invested in?Chart Industries has invested in 2 companies, including HTEC Hydrogen Technology & Energy and Svante.
What was Chart Industries' last investment?In September 2021, Chart Industries invested in HTEC Hydrogen Technology & Energy's $171M undisclosed-stage round alongside I Squared Capital.

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