The acquisition is set to enhance Baker Hughes' ability to serve industries that handle gases and liquids at extremely low temperatures.

Baker Hughes and Chart Industries announced in separate statements Tuesday that they have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash. That’s equivalent to a total enterprise value of $13.6 billion, the statements highlighted.

Oil and gas equipment supplier Baker Hughes has clinched a $13.6bn all-cash deal to buy Chart Industries, gatecrashing an earlier agreement to merge with rival Flowserve.