India, June 4 -- Chart Industries, Inc. (GTLS), Wednesday announced an agreement to merge with Flowserve Corp. (FLS), creating a combined entity with an expected enterprise value of approximately $19 billion.
Under the all-stock deal, Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned at the end of the transaction.
The new entity, majorly owned by Chart shareholders, would create a comprehensive solutions platform, with the financial strength and resilience to continue driving growth and long-term value, the company noted.
The combined entity is expected to generate approximately $300 million of annual cost synergies within three years of the closing of the transaction. It is...