Chart Industries Inc. and Flowserve Corp., U.S.-based companies specializing in industrial-process technologies, have agreed to merge in an all-stock deal that values the combined entity at approximately $19 billion. Chart shareholders will receive 3.165 shares of Flowserve common stock for each Chart share held. After the merger, Chart shareholders are expected to own about 53.5% of the combined company, with Flowserve shareholders owning the remainder. The merger is expected to capitalize on strong demand from global investments in artificial intelligence and data centers, which require advanced cooling and fluid handling systems. About 42% of the combined entity's business will come from aftermarket services. Chart posted a 5.3% rise in first-quarter revenue. As of the last close, Chart had a market capitalization of $7.26 billion and Flowserve $6.6 billion. The combined company is projected to generate approximately $300 million in annual cost savings within three years of closing. The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals. Flowserve CEO Scott Rowe will lead the new company, while Chart CEO Jill Evanko will serve as board chair. The new entity will operate under a new name and brand to be announced upon deal completion. Winston & Strawn LLP and Cravath, Swaine & Moore LLP provided legal counsel for the transaction.