Baker Hughes to Sell Waygate Unit to Sweden's Hexagon For Around $1.45 Billion
By Dominic Chopping
U.S. oil-field services provider Baker Hughes agreed to sell its Waygate Technologies business to Swedish industrial technology company Hexagon for around $1.45 billion in cash, the companies said.
Based in Germany, Waygate Technologies provides specialty testing and inspection technologies that evaluate the structural integrity of materials across various industries. It generated around $630 million in revenue at a 10% earnings before interest and tax margin in fiscal 2025.
Baker Hughes is sharpening its focus on its core strengths in order to deliver higher returns while accelerating investment in high-growth areas, Chief Executive Officer Lorenzo Simonelli said Monday.
Hexagon said Waygate will integrate with its existing technology while offering a market growth and value creation opportunity. It expects to drive Waygate's margins through strategic actions, manufacturing optimization, China localization, and revenue synergies.
Hexagon intends to finance the deal with cash and existing debt, with closing expected in the second half of 2026.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 13, 2026 04:40 ET (08:40 GMT)
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