Prime Highlights
- Baker Hughes will sell Waygate Technologies to Hexagon for approximately $1.45 billion in an all-cash transaction.
- The divestiture supports Baker Hughes’ strategy to focus on core energy and industrial technology businesses.
Key Facts
- Waygate Technologies provides advanced non-destructive testing and inspection technologies for industrial assets.
- Hexagon is a Sweden-based measurement technology company with operations in about 50 countries.
Background
Baker Hughes has agreed to sell its Waygate Technologies business to Hexagon in an all-cash deal valued at approximately $1.45 billion, as the energy technology company continues to streamline its portfolio and focus on core growth areas.
The transaction, which includes the complete sale of Waygate Technologies, was announced during the month of April. The company operates as a part of Baker Hughes’ Industrial and Energy Technology business unit. The divestiture covers the company’s remote visual inspection, ultrasound, radiography and imaging solution portfolios, along with all related intellectual property, operational assets and resources.
Waygate Technologies has developed advanced non-destructive testing solutions that allow industrial facilities to inspect their essential assets without stopping operational activities. The company’s technologies provide support to industries that need to conduct precise inspection and monitoring activities.
Baker Hughes said the sale aligns with its broader strategy to sharpen focus on key business areas, including rotating equipment, flow control, digital solutions, production optimization and decarbonization technologies. Company leadership stated that the divestiture supports long-term value creation and will help strengthen earnings durability and cash flow.
The proceeds from the sale are expected to further reinforce Baker Hughes’ balance sheet and support disciplined capital allocation as the company continues investing in high-growth areas. The move follows several recent portfolio transactions and comes alongside the company’s pending acquisition of Chart Industries.
Stockholm-headquartered Hexagon will add Waygate Technologies to its portfolio as it expands its capabilities in measurement and industrial technology solutions. Hexagon has business operations in approximately 50 countries while providing its services to the aerospace, automotive, construction, manufacturing, and mining industries.
The transaction will proceed once it receives all necessary regulatory approvals and meets standard closing requirements, which are expected to be completed in the second half of 2026.