First Reserve announced today the acquisition of Chart Industries, a provider of low temperature and cryogenic applications, in a transaction valued at approximately $460 million.

Tim Day, vice president of First Reserve: “Chart fits well within our investment strategy of acquiring leading companies serving the global energy industry.”

The acquisition was made by First Reserve Fund X, L.P., for a cash purchase price of $64.75 per share of common stock ($65.74 per share, less Chart’s transaction expenses of $0.99 per share). In addition, the holders of outstanding warrants and options will receive the same per share cash purchase price less the exercise price of their warrants and options.

Chart expects, no later than 27 October to mail to former holders of common stock and warrants a notice of merger and a letter of transmittal for the surrender of certificates formerly representing shares and warrants. No changes in the location of the corporate office or management are planned.

Samuel F. Thomas, chief executive officer and president of Chart, added: “We have a number of exciting opportunities to continue to grow our business profitably and look forward to benefiting from our new relationship with First Reserve.\\$quot;

First Reserve is a leading private equity firm specialised in energy industry investments.

For further information:
Chart Industries



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First Reserve buys Chart