The European Commission (EC) has conditionally approved the proposed $13.6bn acquisition of Chart Industries by Baker Hughes under the EU Merger Regulation.
The conditional approval follows the remedies proposed by Baker Hughes to the regulator last month to address competition concerns related to the global liquefied natural gas (LNG) market.
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Both Baker Hughes and Chart Industries are based in the US and operate internationally in the supply of technology and equipment for the energy and gas industries. Their operations are particularly focused on LNG liquefaction processes.
Announced in July 2025, the acquisition is set to strengthen Baker Hughes’ ability to serve sectors that manage gases and liquids at ultra-low temperatures, including LNG and nuclear energy.
According to the EC, the initial structure of the transaction raised concerns about reduced competition in worldwide markets for LNG liquefaction technology and equipment.
The investigation identified Baker Hughes as holding a dominant position in the LNG compressor trains sector.
The EC was concerned that this dominance could allow Baker Hughes to give Chart Industries’ LNG business an unfair edge over competitors. For example, it could make its key compressor available only to Chart Industries’ customers or by limiting compatibility with third-party equipment.
The potential use of commercially sensitive information obtained from projects involving competing LNG process technology providers was also cited as a concern.
To mitigate these issues, Baker Hughes and Chart Industries offered a set of commitments. These included the divestment of Chart Industries’ proprietary process technology, known as IPSMR, as well as its small-scale process technology business, to a third-party buyer subject to the EC’s approval.
They also pledged to maintain interoperability of their equipment with that of other LNG suppliers. These commitments are binding for ten years.
The merger remains contingent on full compliance with these obligations, which will be overseen by an independent trustee under the authority of the Commission.
The regulator said that Baker Hughes and Chart Industries must propose a suitable buyer for the divested assets, which will be assessed separately.
The transaction was formally notified to the EC on 21 May 2026.
The review was completed within the standard timeline for cases where commitments are offered during phase one of the inquiry.
Under EU merger rules, the Commission examines deals that meet specific turnover thresholds and assesses whether they risk significantly impeding competition within the European Economic Area.
