Industrial tech firms Chart Industries, Flowserve set for all-stock merger

Investing.com -- Industrial-process technology firms Chart Industries Inc (NYSE: GTLS) and Flowserve Corporation (NYSE: FLS), are on the brink of finalizing an all-stock merger, according to a Wall Street Journal report on Wednesday.

The combined entity would be worth roughly $19 billion, including debt, the report said, citing people familiar with the matter.

Shares of Chart Industries fell about 2% in pre-market trading, while Flowserve gained over 1%.

Under the terms of the merger, Chart Industries shareholders will receive 3.165 shares of Flowserve common stock for every share of Chart common stock they own, the report added.

After the completion of the transaction, Chart Industries shareholders will own a majority stake of 53.5% in the combined entity, with Flowserve shareholders holding the remaining 46.5%, according to the Journal.

The deal, which is expected to be announced as early as Wednesday.

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