Chart Industries is to be sold with the deal expected to be completed by October.

The company has announced it has reached an agreement with First Reserve Corporation, a private equity firm which specialises in the energy industry.

First Reserve Fund, an affiliate of First Reserve Corporation, will acquire outstanding shares for a cash purchase price of $65.74 per share, less Chart's transaction expenses.

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.

Chart Industries says the sale will benefit its customers, employees and suppliers and will help the business to grow.

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Chart Industries Inc
First Reserve Corporation