Key facts
- Baker Hughes received conditional EU antitrust approval for its $13.6 billion acquisition of Chart Industries.
- The approval is contingent on Baker Hughes divesting a specific Chart Industries business.
- The remedies address concerns about competition in the liquefied natural gas (LNG) equipment market.
- The divestiture includes Chart's proprietary process technology and its small-scale process technology business.
- The remedies are valid for 10 years and ensure interoperability with third-party LNG equipment.
U.S. oilfield services firm Baker Hughes has secured conditional approval from the European Commission for its $13.6 billion acquisition of Chart Industries. The EU's competition enforcer granted the nod after Baker Hughes agreed to sell a Chart business, addressing concerns about potential impacts on the liquefied natural gas (LNG) market.
The remedies include divesting Chart's proprietary process technology and its small-scale process technology business. Baker Hughes will also ensure that its equipment remains interoperable with that of third-party LNG providers. These concessions are set to remain in place for 10 years.
Baker Hughes announced the deal in July of the previous year, aiming to expand its industrial technology services for LNG and data centers. Chart Industries manufactures industrial equipment, including valves and measurement technology, and operates 65 manufacturing locations and over 50 service centers globally.