GTLS Industrial Equipment · Acquired · Merger completed · Subsidiary · Thesis updated August 5, 2026

Acquired by Baker Hughes

The merger arbitrage play has successfully concluded with Baker Hughes completing the acquisition.
Chart now operates as the third reporting segment within the new corporate structure.
The company brings thermal management and carbon capture capabilities to Baker Hughes.
Prior standalone risks related to regulatory hurdles have been fully resolved.

01 Running thesis

A concluded merger story

The investment thesis as a pure merger arbitrage play is officially finished. Baker Hughes completed the acquisition of Chart Industries in July 2026, paying the agreed cash price to shareholders.

Chart no longer trades as an independent entity relying on its own fundamentals. It is now a wholly owned subsidiary and functions as the third reporting segment for Baker Hughes.

The focus now shifts entirely to the parent company. Baker Hughes will need to monitor the integration process and try to realize its targeted cost synergies over the next three years.

Jul 2026→Baker Hughes successfully completed its acquisition of Chart Industries. The standalone merger arbitrage play is officially resolved, and Chart now operates as a Baker Hughes segment.

May 2026▼The Q1 2026 filing kept the merger thesis in place but showed weaker standalone results. Sales fell 11.7% year over year to $884.8 million, making a failed-deal outcome more painful.

Feb 2026→The 2025 annual filing moved the expected closing timeline to the second quarter of 2026. It also disclosed the January 2026 CEO resignation, adding execution risk during the merger period.

Oct 2025▲Chart disclosed that stockholders approved the Baker Hughes merger on October 6, 2025. That removed a major closing condition and shifted attention to regulatory approvals.

Jul 2025→The initial setup became a merger arbitrage case after Baker Hughes agreed to buy Chart for $210.00 per share in cash. The main bull case was closing, and the main bear case was a deal break.

02 Business model

A new reporting segment

Chart Industries designs and builds equipment for handling gases and liquids at very low temperatures. Its products handle liquefied natural gas, hydrogen, helium, and carbon dioxide.

Under Baker Hughes, Chart operates as a distinct reporting segment. Its capabilities in thermal management, air and gas handling, and carbon capture complement the parent company's existing technologies.

These combined products target markets like data centers, space, new energy, and industrial gases. The original business model remains, but the financial results now roll up to Baker Hughes.

03 Product portfolio

What Chart brings to Baker Hughes

Steady

Thermal management

Heat transfer and cryogenic systems used to manage temperatures in large industrial processes.

Steady

Air and gas handling

Equipment designed to safely move and process industrial gases across various end markets.

Option

Carbon capture

Systems built to capture and store carbon dioxide, fitting into the parent company's new energy goals.

Cash cow

Cryogenic storage

Tanks and storage solutions for liquefied gases, a foundational business for industrial customers.

04 Business segments

Final standalone sales mix

Repair, Service & Leasing32%declining

Heat Transfer Systems28%declining

Specialty Products24%declining

Cryo Tank Solutions16%declining

These segment shares reflect the three months ended March 31, 2026, the final period before the standalone reporting structure was superseded by Baker Hughes.

05 Risk factors

Post-merger watch items

Cost synergy realization

Medium impact · Medium odds

Baker Hughes targeted $325 million in annualized cost synergies by year three. Failing to reach that target would make the acquisition less profitable for the parent company.

We watchBaker Hughes earnings reports detailing integration progress and cost savings.

Integration execution

Medium impact · Medium odds

Merging a large independent company into a new corporate segment brings operational challenges. Disruptions could impact customer orders or project timelines in the near term.

We watchChanges in segment revenue or margin commentary from Baker Hughes management.

Key talent retention

Low impact · Medium odds

Chart underwent a leadership change shortly before the merger closed. Keeping engineering and sales talent steady under new corporate ownership is required to maintain market share.

We watchAnnouncements of management departures or restructuring within the Chart segment.

06 Quick answers

In one breath

Did the Baker Hughes acquisition of Chart close?

Yes. Baker Hughes completed the acquisition in July 2026, resolving the merger arbitrage setup.

Is GTLS still an independent stock?

No. Chart is now a wholly owned subsidiary of Baker Hughes and operates as its third reporting segment.

What happens to the standalone risks?

The primary risks regarding regulatory approvals and deal termination have been fully resolved with the closing of the transaction.