Baker Hughes, a leading oilfield services provider, is reportedly on the verge of acquiring Chart Industries in a deal valued at approximately $13.6bn, reported the Financial Times, citing sources.

This move would disrupt an earlier merger agreement between Chart and Flowserve, potentially consolidating Baker Hughes' position in the industrial and energy technology sector.

The acquisition is poised to enhance Baker Hughes' ability to serve industries that handle gases and liquids at extremely low temperatures, such as liquefied natural gas and nuclear energy.

Chart's specialisation in this area complements Baker Hughes' strategic growth in its industrial and energy technology division, which is valued at $46bn.

The proposed deal offers a 22% premium on Chart's current market value, equating to an equity value of around $10bn.

Following the news, Chart's shares surged by 16.5% to $200 in after-hours trading on Monday. The acquisition could be announced imminently, although sources warned that final terms are still subject to change.

Chart Industries had initially planned to merge with Flowserve in a $19bn all-stock merger, but Baker Hughes' competitive bid prompted Chart's board to reassess their options.

Flowserve's shares also experienced a 5.2% increase after the news broke.

Under CEO and chair Lorenzo Simonelli, Baker Hughes has been actively pursuing acquisitions to diversify its portfolio.

Simonelli recently expressed the company's intent to target opportunities that would bolster its industrial presence. Baker Hughes shares have risen by 21% over the past year.

In addition to the Chart Industries deal, Baker Hughes is set to acquire Continental Disc for $540m.

This transaction, expected to close in the fourth quarter of 2025, will further expand Baker Hughes' safety pressure management offerings.