Chart Industries to be sold

Chart Industries, Inc. announced Wednesday that it has reached a definitive agreement to sell the company to First Reserve Corporation, a leading private equity firm specializing in the energy industry.

According to the terms of the deal, First Reserve Fund X, LP, an affiliate of First Reserve Corporation, will acquire all outstanding shares for a cash purchase price of $65.74 per share, less Chart’s transaction expenses (which will result in a reduction of at least $0.90 per share, but more likely is expected to result in a reduction of $1.00 to $1.50 per share). In addition, the holders of outstanding warrants and options will receive, without the need to exercise them, the same per share cash purchase price less the exercise price of the warrants and options. It is expected that Chart’s outstanding debt will be repaid by First Reserve at closing, for a total transaction value of approximately $460 million.

Chart’s management team will remain in place in their current roles and will continue to operate the company. A new Board of Directors will be elected upon the close of the transaction.

Chart Industries, Inc., based in Ohio, is a leading global supplier of standard and custom engineered products and systems serving a wide variety of low temperature and cryogenic applications. Chart has domestic operations located in seven states and an international presence in Australia, China, the Czech Republic, Germany and the United Kingdom. It operates a manufacturing facility in New Prague.

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