Baker Hughes Acquisition Puts Chart Industries on BCK Capital's Radar

BCK Capital Management LP bought 20,628 shares of Chart Industries (NYSE:GTLS). The position was valued at $4.13 million as of the end of Q3 2025.

What happened

BCK Capital Management opened a new position in Chart Industries in the third quarter, making the company its third-largest holding. According to a Securities and Exchange Commission (SEC) filing dated Nov. 7, 2025, the fund acquired 20,628 GTLS shares. The purchase brought its reported stake in the industrial machinery company to $4.13 million by quarter-end.

What else to know

This new position accounted for 4.4% of BCK Capital’s 13F reportable assets under management at the end of Q3.

Top holdings after the filing, as of Sept. 30, 2025:

• Spirit AeroSystems (NYSE:SPR): $4.65 million (4.9% of AUM)
• Kellanova (NYSE:K): $4.24 million (4.5% of AUM)
• Chart Industries: $4.13 million (4.4% of AUM)
• Cantaloupe (NASDAQ:CTLP): $3.05 million (3.2% of AUM)
• TXNM Energy (NYSE:TXNM): $2.4 (2.6% of AUM)

Company Overview

As of Dec. 5, 2025, Chart Industries shares were priced at $205.12, up 7.4% over the past year, underperforming the S&P 500 by 5.5 percentage points

Data as of market close Dec. 5, 2025.

Company Snapshot

Chart Industries is a leading global manufacturer of highly engineered equipment for the energy and industrial gas industries. It has a strong presence in cryogenic and heat transfer solutions.

Its services support critical infrastructure across liquified natural gas (LNG), hydrogen, and specialty gas markets. The company's scale, technical expertise, and diversified end-market exposure provide a competitive advantage in serving both established and emerging industrial applications.

• Chart Industries provides engineered equipment and solutions for the energy and industrial gas sectors. This includes cryogenic tanks, heat exchangers, process technology, and specialty products.
• The company generates revenue primarily through the sale of capital equipment, aftermarket services, and leasing solutions. It offers a diversified range of services, including new equipment, repair, and plant optimization.
• Key customers include industrial gas producers, energy companies, LNG operators, and organizations in specialty end-markets such as aerospace, food and beverage, and water treatment.

Foolish take

BCK Capital Management is a specialist investment firm that targets companies undergoing major changes, such as mergers and acquisitions. Acquisitions can present opportunities for investors, such as arbitrage when there's a price gap between the share price and the offer price. Acquiring companies often offer a premium to make the deal attractive to shareholders.

BCK's top holdings, including Chart Industries, reflect its M&A focus. For example, Boeing (NYSE:BA) has just completed its takeover of Spirit AeroSystems, BCK's largest position. The European Commission recently approved Mars' takeover of its second-largest position, Kellanova.

In July, Baker Hughes (NASDAQ:BKR) announced it would buy Chart Industries for $210 per share in cash, with an offer worth $13.6 billion. Shareholders approved the deal in October. If regulators approve, the acquisition is expected to be finalized in mid-2026.

Glossary

13F reportable assets: The value of securities a fund must disclose quarterly to the SEC, typically U.S.-listed stocks.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Equity position: An ownership stake in a company, usually represented by shares of its stock.
Stake: The amount of ownership or investment a fund or individual holds in a company.
Strategic allocation: The deliberate distribution of investment capital among assets to achieve specific goals or manage risk.
Industrial machinery company: A business that manufactures machines and equipment used in industrial processes and production.
Aftermarket services: Support and services provided after the initial sale of equipment, such as maintenance, repair, and parts.
Cryogenic tanks: Specialized containers designed to store extremely cold liquids like liquefied natural gas (LNG) or industrial gases.
Heat exchangers: Devices that transfer heat between fluids, commonly used in industrial and energy applications.
Process technology: Equipment and methods used to transform raw materials into finished products in industrial settings.
End-markets: The final industries or sectors where a company's products or services are used.
TTM: The 12-month period ending with the most recent quarterly report.

Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing, Chart Industries, and TXNM Energy, Inc. The Motley Fool has a disclosure policy.