In a landmark deal reshaping the landscape of industrial process technology, Chart Industries Inc. and Flowserve Corp. announced Wednesday they will merge in an all-stock transaction valued at $19 billion, creating a global leader in flow and thermal management. The strategic combination, backed by heavyweight legal counsel from Winston & Strawn LLP for Chart and Cravath Swaine & Moore LLP for Flowserve, sets the stage for a powerful, diversified entity capable of tackling complex energy and infrastructure challenges.
A Marriage of Industrial Titans
The boards of both companies gave unanimous approval to the merger, which will see Chart shareholders receive 3.165 shares of Flowserve for each share of Chart stock they hold. Once finalized, Chart investors will control 53.5% of the combined company, with Flowserve shareholders holding the remaining 46.5%.
The newly formed company — soon to be rebranded under an undisclosed name — will be headquartered in Dallas, maintaining significant operations in Atlanta and Houston. It will boast a 12-member board, equally split between Chart and Flowserve appointees. Jill Evanko, Chart’s current CEO, will serve as chair, while Scott Rowe, Flowserve’s CEO, will assume leadership of the combined organization.
