CHART INDUSTRIES INC (GTLS): M&A transaction — Chart closes $4.4B Howden acquisition; targets $175M cost & $150M commercial synergies

CHART INDUSTRIES INC

Purchase price of approx. $4.4B paid solely in cash; funded by cash, debt/equity, and $1.5348B term loan tranche.
Howden Q4 2022 gross orders hit record $534M; full-year 2022 orders were $2.064B; backlog $1.3B as of Dec 31, 2022.
Chart on track to meet or exceed $175M annualized cost synergies and $150M commercial synergies within 12 months.
Potential divestitures of two product lines underway, expected to close in Q2 or early Q3 2023.
FY2023 guidance includes full-year Chart plus ~9 months of Howden ownership; Q1 2023 orders through Mar 15 exceeded $520M.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CHART INDUSTRIES INC completed an acquisition involving Granite Holdings I B.V. for approximately $4.4 billion in cash (closed 2023-03-17).

Action: acquisition
Counterparty: Granite Holdings I B.V.
Consideration: approximately $4.4 billion in cash
Closing: 2023-03-17

Exact text from the filing

as of November 8, 2022 (as amended, the “ Purchase Agreement ”), by and among the Company, the Acquired Companies and the Sellers, the Company paid the Sellers approximately $4.4 billion in cash, as adjusted in accordance with the terms of the Purchase Agreement (the “ Purchase Price ”). The Company funded the Purchase Price and the payment of acquisition-related

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CHART INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0001193125-23-074104

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