10:33 AM EDT, 07/29/2025 (MT Newswires) -- Chart Industries' ( GTLS ) shares surged intraday Tuesday after the company terminated its merger deal with Flowserve ( FLS ) and agreed to be acquired by Baker Hughes ( BKR ) in a $13.6 billion cash deal.

Oilfield services firm Baker Hughes ( BKR ) will pay $210 for each Chart share, with the transaction expected to complete by the middle of 2026, subject to regulatory approvals, the companies said Tuesday.

Shares of Chart, which manufactures equipment for applications in clean energy and industrials, were up nearly 16% intraday from Monday's close of $171.65. Flowserve ( FLS ) jumped 3.5%, while Baker Hughes ( BKR ) fell 1.3%.

"This all-cash transaction with Baker Hughes ( BKR ) delivers immediate value to Chart shareholders," Chart Chief Executive Jill Evanko said in a joint statement. "Our complementary solutions fit seamlessly with Baker Hughes' ( BKR ) industrial and energy technology segment, and together we can help our customers solve the most critical energy access and sustainability needs."

The announcement comes nearly two months after Chart and Flowserve ( FLS ) said they had agreed to an all-stock "merger of equals" that aimed to serve the full customer lifecycle for flow and thermal management.

In a separate statement on Tuesday, Chart said that its board deemed the Baker Hughes ( BKR ) proposal to be a superior offer.

Flowserve ( FLS ) separately confirmed the deal's termination, saying its board decided not to submit a revised offer. The company said it will receive a $266 million termination payment.

Baker Hughes ( BKR ) CEO Lorenzo Simonelli said the acquisition delivers compelling financial returns.

"The combination positions Baker Hughes ( BKR ) to be a technology leader that can provide engineering and technology expertise to meet the growing demand for lower-carbon, efficient energy and industrial solutions across attractive growth markets such as LNG, data centers and new energy," said Simonelli.

Baker Hughes ( BKR ) expects $325 million in annualized cost synergies by the end of the third year following the acquisition.

Chart, which operates 65 manufacturing locations worldwide, generated $4.2 billion in revenue and $1 billion in adjusted earnings before interest, taxes, depreciation and amortization last year, according to the joint statement.

Price: 45.83, Change: -0.72, Percent Change: -1.55