Shares of Chart Industries, Inc. (GTLS) are falling more than 24% at $182.59, after the company announced its decision to acquire Howden, a provider of mission critical air and gas handling products and services, in a cash-and-stock deal valued at $4.4 billion.
The deal is expected to close in the first half of 2023, and generate combined revenue of about $3.4 billion.
The purchase price is equal 12.9x Howden’s adjusted EBITDA for the 12 months ended August 31, 2022.
Chart Industries is a manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases.
GTLS is at $180.82 currently. It has traded in the range of $108.29-$242.59 in the last 1 year.
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