Latham & Watkins Advises on Chart Industries’ Acquisition by Baker Hughes
Baker Hughes Company (NASDAQ: BKR) (Baker Hughes) and Chart Industries (NYSE: GTLS) (Chart) announced they have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for US$210 per share in cash, equivalent to a total enterprise value of US$13.6 billion. Prior to entering into the definitive agreement with Baker Hughes, Chart and Flowserve Corporation (NYSE: FLS) (Flowserve) terminated their previously announced merger agreement. The transaction with Baker Hughes followed a determination by the Chart Board of Directors, with the assistance of its financial and legal advisors, that the acquisition proposal it received from Baker Hughes subsequent to the announcement of the Chart/Flowserve transaction constituted a Superior Chart Proposal under the terms of its merger agreement with Flowserve. The transaction is subject to customary conditions, including approval by Chart shareholders, and the receipt of applicable regulatory approvals. The transaction is expected to be completed by mid-year 2026.
Latham & Watkins LLP represents Wells Fargo Securities, LLC, the lead financial advisor to Chart Industries, Inc., in the transaction with a corporate team led by New York partner Robert Katz, with associates Taylor Ashton and William Anderson.