Mergers Are Back as Breakups Reach Limit: Industrial Strength

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After a decade of conglomerate breakups, the time may finally be right for the reemergence of another type of dealmaking: mergers of equals.

Chart Industries Inc., a manufacturer of heat-transfer systems and gas storage tools, and Flowserve Corp., a maker of pumps, valves and actuators, agreed this week to merge in a blockbuster all-stock transaction that values the combined company at about $19 billion including debt. Chart shareholders will own about 54% of the company, while Flowserve’s will own the rest. Chart shareholders are set to receive 3.165 shares of Flowserve for ...