Why an $11.6 Million Chart Industries Stake Matters With a $210 Per Share Deal on the Table

On November 12, Hong Kong-based Athos Capital disclosed a new position in Chart Industries (NYSE:GTLS), acquiring 57,860 shares valued at approximately $11.6 million, making it the fund’s third-largest holding.

What Happened

Athos Capital Ltd disclosed a new equity stake in Chart Industries (NYSE:GTLS), acquiring 57,860 shares worth $11.6 million as reported in its quarterly 13F filing with the Securities and Exchange Commission on November 12. This position constitutes 7.3% of the fund’s $159.6 million in reportable U.S. equity assets and marks its third-largest disclosed holding among 32 positions.

What Else to Know

Top holdings after the filing:

• NYSE:BEKE: $47.50 million (30.7% of AUM)
• NYSE:KVUE: $40.58 million (26.2% of AUM)
• NYSE:GTLS: $11.58 million (7.5% of AUM)
• NASDAQ:LBRDK: $10.75 million (6.9% of AUM)
• NYSE:TXNM: $8.08 million (5.2% of AUM)

As of Monday, GTLS shares were priced at $205.88, up 11% over the past year and slightly underperforming the S&P 500, which is up 16% in the same period.

Company Overview

Company Snapshot

• Chart Industries manufactures engineered equipment for energy and industrial gas industries, including cryogenic tanks, heat exchangers, process technology, and specialty products for hydrogen, LNG, CO2 capture, and more.
• The company generates revenue through equipment sales, aftermarket services, leasing, and process solutions across four segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.
• It serves a global customer base spanning energy producers, industrial gas companies, specialty end-markets such as aerospace, food & beverage, water treatment, and emerging clean energy sectors.

Chart Industries is a leading provider of engineered cryogenic and heat transfer equipment, operating at scale with 11,928 employees and a global footprint. The company leverages its broad portfolio and technical expertise to address diverse applications in energy, industrial gases, and specialty markets. Strategic focus on innovation and aftermarket services positions Chart Industries as a key supplier in the transition toward cleaner energy solutions and advanced industrial processes.

Foolish Take

It’s important to note here that Chart Industries is no longer trading purely on fundamentals. The announced agreement for Baker Hughes to acquire Chart Industries for $210 a share has effectively put a ceiling on upside and a floor under expectations, with an expected close date in the new year.

Also important to note: The third quarter runs from July through September, and the deal was announced in late July, so it is unclear whether shares were accumulated before or after the acquisition terms became public. That ambiguity matters, but it does not change the math today. With shares recently around $206, the spread to $210 reflects modest upside paired with time risk.

Meanwhile, in the third quarter, Chart posted record orders of $1.68 billion, up nearly 44% year over year, while adjusted EBITDA reached $277 million despite heavy deal-related charges. Backlog climbed above $6 billion, signaling durable demand across LNG, data centers, and specialty products and reinforcing why Chart remains attractive even without the deal.

Within the fund, this is a concentrated but not dominant position, smaller than its two largest holdings yet certainly large enough to matter. This looks less about growth acceleration and more about disciplined risk-reward, where operational strength supports confidence while the buyout caps volatility.

Glossary

13F filing: A quarterly report by institutional investment managers disclosing their U.S. equity holdings to the SEC.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Equity stake: Ownership interest in a company, typically represented by shares of its stock.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Compound annual growth rate (CAGR): The annualized rate of return for an investment over a specified time period, assuming profits are reinvested.
Forward price-to-earnings ratio: A valuation metric comparing a company's current share price to its projected future earnings per share.
Aftermarket services: Support and services provided after the sale of a product, such as maintenance, repairs, or upgrades.
Engineered equipment: Specialized machinery or products designed and manufactured for specific industrial applications.
Cryogenic: Relating to very low temperatures, often used for storing or transporting liquefied gases.
Process solutions: Customized systems or services designed to optimize industrial operations or production processes.
Leasing: Renting equipment or assets for a specified period rather than purchasing them outright.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chart Industries, Kenvue, and TXNM Energy, Inc. The Motley Fool recommends Liberty Broadband. The Motley Fool has a disclosure policy.