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U.S. Manufacturing Investment Tops $1.6 Trillion. IndustrialSage’s tracker now counts 137 companies across 35 states with committed reshoring and expansion projects of $50 million or more. Semiconductors lead the total.
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Industrial Megadeals Surge. Deals above $5 billion made up more than two-thirds of total industrial M&A value in 2025 — up from just one megadeal the prior year, according to PwC.
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Baker Hughes–Chart Deal Clears Key Hurdle. Baker Hughes filed for EU antitrust review yesterday, moving the $13.6 billion acquisition of Chart Industries closer to a July close. It’s the biggest energy tech deal of the year.
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The SpaceX IPO Is A Trap. Here's The Real Trade.
The SpaceX IPO will price at $1.75 trillion.
You won't get an allocation. Neither will your broker. The banks and insiders already locked it up.
But here's what they missed.
There's one small, publicly traded company sitting in the direct path of this $1.75 trillion event.
It builds the one piece of infrastructure Musk cannot operate without. Colossus doesn't run without it.
You don't need an IPO allocation. You don't need a Goldman account.
You just need a brokerage app and this ticker symbol.
Dylan Jovine is giving away the name today.
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Baker Hughes Outbid a $19 Billion Deal. Here’s How It Won Chart Industries.
A $13.6 billion cash offer. A killed merger. And the biggest energy tech deal of the year.
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Last June, Chart Industries and Flowserve announced a $19 billion merger. All stock. Merger of equals. The market loved it. Both stocks popped.
Then Baker Hughes walked in with a better offer. Cash. All of it.
On July 28, Chart’s board killed the Flowserve deal and accepted Baker Hughes’ $13.6 billion offer — $210 per share in cash. That’s a 22% premium over where Chart traded before the bid. The board called it a “superior proposal.” Hard to argue when someone puts that much cash on the table.
Chart shareholders approved it in October. Yesterday, Baker Hughes filed for EU antitrust review — the last big hurdle. Chart expects closing in July.
Let me break down why this deal matters.
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Chart Industries makes the equipment that handles extreme cold. Cryogenic tanks. Heat exchangers. Liquefaction systems. If you need to cool, compress, or store a gas at minus 260 degrees, Chart builds the gear.
The company pulled in $4.2 billion in revenue in 2024 with roughly $1 billion in adjusted EBITDA. It runs 65 manufacturing sites and 50-plus service centers around the world. Its equipment shows up in the majority of LNG projects around the world.
Baker Hughes is paying roughly 9 times Chart’s 2025 consensus EBITDA on a fully synergized basis, according to the company’s acquisition presentation. That’s not cheap. But it tells you how badly Baker Hughes wanted this. And how much the market values American energy manufacturing right now.
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Here’s the logic. Baker Hughes makes the “hot” side of energy — gas turbines, compressors, drilling tech. Chart makes the “cold” side — cryogenics, liquefaction, industrial cooling. Put them together and you get end-to-end coverage of the entire gas value chain.
And the timing is perfect. Three massive demand waves are hitting at once. LNG exports are booming. AI data centers need industrial-scale cooling — Baker Hughes booked $550 million in data center orders in Q2 2025 alone. And the push for hydrogen and carbon capture needs exactly the kind of cryogenic equipment Chart builds.
Baker Hughes CEO Lorenzo Simonelli called this deal a transformation of the company’s Industrial & Energy Technology segment. That’s the fast-growing side of Baker Hughes — and Chart supercharges it. Meanwhile, Flowserve was left at the altar — though not empty-handed. It collected a $266 million termination fee and its stock rose on the news. Flowserve is back to being a standalone company, still a solid business, but without the scale this deal would have given it.
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★ Deal Status
This deal has not closed yet. Chart shareholders approved it in October 2025. Baker Hughes filed for European Commission review on May 21 — just yesterday. Phase I review is now underway. Chart expects closing in July 2026.
Until the deal closes, Chart trades independently under NYSE: GTLS. Baker Hughes trades under NASDAQ: BKR. Regulatory risk remains — the EC could extend its review or demand concessions.
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★ THE INVESTOR ANGLE — BAKER HUGHES (NASDAQ: BKR)
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Deal Price
$210/sh
All Cash
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Enterprise Value
$13.6B
~9x Synergized EBITDA
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Cost Synergies
$325M
Over 3 Years
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Baker Hughes expects EPS accretion in the first full calendar year after closing. Per its investor presentation, the company plans to de-lever from 2.25x to 1.0–1.5x within 24 months and maintain its A credit rating. It has committed bridge financing in place — the deal is not subject to financing conditions.
The risks are real. Baker Hughes is taking on significant debt. Integration of 65 manufacturing sites is complex. And if LNG or data center spending slows, the premium it paid will look steep. The EC review could also drag or demand divestitures.
But here’s the big picture. Baker Hughes outbid a $19 billion deal with cold, hard cash. That tells you how valuable American energy manufacturing has become. When a company will pay $13.6 billion to own the cold side of the energy chain, the reshoring story isn’t just talk. It’s real money on the table. Have a great weekend.
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