The Competition Commission has also approved the proposed transaction whereby Chart Industries intends to acquire Granite Holdings II B.V., without conditions.

The primary acquiring firm is Chart Industries, a public company incorporated in accordance with the company laws of the State of Delaware, USA. Chart Industries is listed on the New York Stock Exchange and is not controlled by any single firm or shareholder. Chart Industries has several subsidiaries in countries such as Canada, India, Mexico, Italy, France, and Germany. Chart Industries does not directly or indirectly control any firm in South Africa.

Chart Industries is a global manufacturer of cryogenic storage and liquefaction equipment servicing multiple market applications in the industrial gas and energy industries. Chart Industries provides technology, equipment and services related to liquefied natural gas (LNG), hydrogen, biogas, carbon dioxide (CO2) capture, and water treatment, among other applications within the energy sector.

Relevant to the proposed transaction, Chart Industries provides heat transfer systems that facilitate major natural gas, petrochemical processing, petroleum refining, power generation, and industrial gas companies in the production or processing of their product.

In South Africa, Chart Industries is a supplier of liquid gas distribution and storage products, namely cryogenic storage, cryogenic transport trailers, packaged gas, LNG ISOs and trailers, and LNG stations. Regarding the industrial fans, the largest customers of Chart Industries are Baltimore Aircoil Company SA (Pty) Ltd and Evapco South Africa.

The primary target firm is Granite Holdings II B.V. (trading as Howden), a private company incorporated under the laws of the Kingdom of the Netherlands. Howden is ultimately controlled by KPS Capital Partners L.P. (KPS), a limited partnership established in accordance with the laws of the USA. Howden has subsidiaries in countries including Brazil, Canada, Germany, Mexico, and the Netherlands.

In South Africa, Howden controls (directly and indirectly) the Howden Group South Africa Limited, Howden Africa Holdings Limited, Howden Africa (Pty) Ltd (Howden Africa), Howden SA Holdings (Pty) Ltd, Howden Donkin (Pty) Ltd, and James Howden Holdings (Pty) Ltd.

To address the issue of a greater spread of ownership, Howden Africa will allocate additional shares to the employee share ownership plan (ESOP) share allocation.

The Commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market in South Africa. The Commission further found that the proposed transaction does not raise substantial public interest concerns.