Baker Hughes offers remedies for EU nod on $13.6B Chart deal

Baker Hughes offered remedies to secure EU antitrust approval for its $13.6 billion acquisition of Chart Industries, a European Commission filing showed Monday.

"The remedies address the Commission's preliminary concerns about competitive overlap in industrial gas equipment markets," a person familiar with the matter said, declining to specify the terms because the filing is confidential.

The Commission, which acts as the European Union's competition enforcer, set a July 10 deadline for its decision. It will likely seek feedback from clients and rivals of the two companies before deciding whether to accept the remedies, demand more or open a full-scale four-month-long investigation if it has serious concerns.

Baker Hughes announced the deal in July last year to reinforce its presence in industrial technology servicing liquefied natural gas and data centers and to leverage its industrial and energy technology portfolio. Chart Industries makes industrial equipment such as valves and measurement technology for gas and liquid molecule handling and has 65 manufacturing locations with more than 50 service centers globally.

The proposed transaction comes as the oilfield services sector consolidates amid shifting energy demand patterns. A successful combination would give Baker Hughes deeper exposure to LNG infrastructure and industrial gas processing, segments that have attracted growing investment as natural gas plays a larger role in the global energy mix. Rivals including Schlumberger and Halliburton have also pursued bolt-on acquisitions to expand their technology offerings beyond traditional drilling and completion services.

If the EU opens a full investigation, the deal could face months of regulatory scrutiny, potentially delaying or derailing the combination. Baker Hughes has said it expects the transaction to close by the end of 2026, subject to regulatory approvals and other customary conditions.

This article is for informational purposes only and does not constitute investment advice.