Oilfield services provider Baker Hughes has reached a deal to acquire equipment manufacturer Chart Industries in an all-cash deal worth $13.6 billion.

Oil and gas equipment supplier Baker Hughes is nearing a $13.6 billion cash deal to buy Chart Industries , edging out rival suitor Flowserve, with a buyout likely to be announced in the coming days, the Financial Times reported on Monday,

US cryogenic equipment manufacturer Chart Industries has terminated its $19bn all-stock merger of equals with industrial machinery supplier Flowserve, having signed a new $13.6bn cash deal with global energy company Baker Hughes.