Chart Industries Inc. and Flowserve Corp. agreed June 4 to combine in an all-stock merger, creating a differentiated leader in industrial process technologies. The combined company is expected to be worth approximately $19 billion based on the exchange ratio and June 3 closing share prices. (A joint website dedicated to the merger is available here.)
Pending shareholder and regulatory approvals, the deal is expected to close in 4Q25.
“Combining Chart and Flowserve creates a comprehensive solutions platform, with the financial strength and resilience to continue driving growth and long-term value,” says Jill Evanko, president and CEO of Chart. “Together we’ll provide a complete system of capabilities from front-end engineering design to mission-critical equipment through aftermarket and servicing, delivering high-quality, value-added solutions to an expanded, global customer base. With robust cash flow, meaningful synergies, and greater aftermarket growth opportunities, the combined company will be ideally positioned to deliver superior and lasting value to its shareholders.”
With an installed base of more than 5.5 million assets in more than 50 countries, the combined company will address the full customer lifecycle from process design through aftermarket support. It generated net revenue of approximately $8.8 billion on a combined LTM basis by the end of 1Q25.
Under the agreement unanimously approved by each company’s board, when the transaction closes, Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. After closing, Chart shareholders will own approximately 53.5% and Flowserve shareholders will own approximately 46.5% of the combined company on a fully diluted basis.
After closing, the combined company will be headquartered in Dallas, Tex., and expects to maintain a presence in Atlanta and Houston, supported by a global footprint across more than 50 countries. The combined company will also assume a new name and brand following the closing.
“This merger will create a differentiated leader with the scale and resilience to meet significant demand for comprehensive industrial process technologies and services,” adds Scott Rowe, president and CEO of Flowserve. “Chart and Flowserve’s complementary businesses will strengthen our ability to meet customers’ needs, empower innovation and drive long-term, sustainable growth. The combined company will operate across diversified end markets with further exposure to premium, high-growth areas and a substantial aftermarket franchise, resulting in increased commercial opportunities. I’m confident that together, we’ll capitalize on long-term value creation for our customers, partners, shareholders and combined global team.”
The combination brings together Chart’s expertise in process technologies across compression, thermal, cryogenic and specialty solutions and Flowserve’s capabilities in flow management. Combining digital platforms that underpin their solutions will enable differentiated solutions, and let them offer a digital overlay including monitoring and predictive capabilities.
