Chart Industries in deal for air products firm Howden
Chart Industries said November 9 it had entered into definitive agreements with affiliates of KPS Capital Partners to acquire UK-based Howden, a leading provider of air and gas handling products and services.
The $4.4bn acquisition will be funded through a combination of cash and shares of a newly-created class of preferred stock, Chart said. Subject to regulatory approvals and other customary closing conditions, the transaction is expected to close in the first half of 2023.
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The acquisition will result in estimated combined revenue of approximately $3.4bn, estimated annual cost synergies of $175mn in the first 12 months and commercial synergies that are expected to reach $350mn by the third year of the combination.
“The combination of Chart and Howden furthers our global leadership position in highly engineered process technologies and products serving the Nexus of Clean™ – clean power, clean water, clean food and clean industrials,” Chart CEO Jill Evanko said.