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.
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EU Approves $14 Billion Baker Hughes Acquisition of Chart Industries
European competition regulators have cleared the $14 billion acquisition of Chart Industries by oil-services giant Baker Hughes, provided the companies divest specific business segments. The decision addresses concerns that the merger could create an unfair market advantage in the liquefied natural gas sector by restricting access to critical technology.
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.
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