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- Chart Industries
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 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
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
Website
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.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 29 Jul 2025 | Strategic M&A | $14B | 3.2x | 9.0x |
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
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Jul 2026 | $10B | - | - | - | - | - |
| Jul 2025 | $8.9B | $4.4B | $1.1B | 25% | 2.8x | 11.2x |
| Jul 2024 | $6.9B | $4.1B | $1B | 24% | 2.6x | 10.7x |
| Jul 2023 | $7.8B | $2.8B | $576M | 21% | 4.3x | 20.8x |
| Jul 2022 | $7.1B | $1.6B | $285M | 18% | 5.1x | 27.9x |
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
| 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 Country | |||||
| HQ City | Glasgow | - | Austin, TX | - | |
| Deal Date | 9 Nov 2022 | 18 May 2022 | 14 Dec 2021 | 1 Jul 2021 | |
| Valuation | $4.4B | $4M | $73M | $80M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Chart Industries acquisitions and their M&A valuation multiples. Start Free Trial | |||||
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
| 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 Country | |||
| HQ City | Vancouver | Vancouver | Vancouver |
| Deal Date | 8 Sep 2021 | 2 Feb 2021 | 15 Dec 2020 |
| Round | Undisclosed stage | Series D | Strategic investment |
| Raised | $171M | $75M | $16M |
| Investors | I Squared Capital | Temasek; Climate Investment; Suncor Energy; Export Development Canada; The Roda Group; Chevron Technology Ventures; BDC Capital; Carbon Direct Capital; Chrysalix Venture Capital | - |
| Valuation | $386M | undisclosed | $97M |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Chart Industries investments and their VC round multiples. Start Free Trial | |||
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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $811M | $158M | $12B | 10.9x | ||
| Private | - | - | $17B | - | ||
| Publicly listed | $8.7B | $723M | $11B | 0.9x | ||
| Publicly listed | $11B | $1.3B | $10B | 1.2x | ||
| Publicly listed | $1.6B | $507M | $19B | 8.9x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15B | $933M | 1.3x | 1.2x | 20.6x | 11.0x | |||
| $15B | $2.4B | 1.5x | 1.4x | 9.5x | 9.3x | |||
| $15B | $1.4B | 1.2x | 1.2x | 12.2x | 10.1x | |||
| $7.8B | $764M | 1.6x | 1.4x | 16.5x | 11.5x | |||
| $68B | $3B | 1.0x | 1.0x | 22.5x | 12.9x | |||
| $2.6B | $369M | 5.3x | 5.7x | 36.4x | 53.9x | |||
| $4.2B | $826M | 3.5x | 3.3x | 18.1x | 16.2x | |||
| $15B | $1.8B | 1.1x | 1.0x | 9.2x | 8.1x | |||
This data is available for Pro users. Sign up to see all Chart Industries competitors and their valuation data. Start Free Trial | ||||||||
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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