The Baker Hughes acquisition represents the biggest oilfield services deal in years as the fragmented industry consolidates.

The acquisition is set to enhance Baker Hughes' ability to serve industries that handle gases and liquids at extremely low temperatures.

Baker Hughes and Chart Industries announced in separate statements Tuesday that they have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash. That’s equivalent to a total enterprise value of $13.6 billion, the statements highlighted.