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Baker Hughes announced the completion of its acquisition of Chart in a statement on Thursday, saying that the strategic transaction is a “major milestone in Baker Hughes’ transformation into a higher-value, leading industrialized energy solutions company.”
In July 2025, Baker Hughes and Chart entered into a definitive deal, while Chart’s shareholders approved the acquisition in October of the same year.
Baker Hughes recently secured conditional approval from the European Commission for the acquisition.
New operating segment
Baker Hughes appointed its chief infrastructure and performance officer, Jim Apostolides, as senior vice president to lead the Chart segment.
Since July 2025, Apostolides has led a “seamless and effective integration program to support strategic growth and operational synergy readiness,” the company said.
Apostolides has more than 25 years of operational and multi-industry leadership, previously serving as senior vice president of enterprise operational excellence for Baker Hughes since 2020.
Chart will operate as a new reporting segment within Baker Hughes, reflecting the “scale and strategic importance of its differentiated capabilities in air and gas handling, thermal management, and lifecycle services,” Baker Huighes said.
The segment structure is intended to preserve Chart’s commercial and operational focus while enabling full integration and synergy capture across Baker Hughes.
Chart reported $4.3 billion in revenue for fiscal year 2025 and currently serves customers in more than 50 countries, spanning sectors including gas infrastructure, nuclear, data centers, carbon capture and storage, space, geothermal, and other high-growth industrial markets.
Baker Hughes has launched a comprehensive integration program, leveraging its business system to support operational alignment.
“The focus is on harmonizing product and technology platforms, engineering and commercial practices, and lifecycle and digital services,” the company said.
Baker Hughes said early synergy capture in supply chain, functional support, and manufacturing is a priority, with a target of $325 million in annualized cost synergies within three years.
Baker Hughes added that it remains committed to disciplined capital allocation, targeting a net leverage range of 1.0-1.5x within 24 months.
