Baker Hughes sells Waygate Unit to Hexagon For Around $1.45 Billion

Baker Hughes, a provider of oilfield services, sold its Waygate Technologies division to Hexagon, a Swedish industrial technology group for $1.45 billion in cash.

Baker Hughes is attempting to reshape its business to adapt to global energy transition by shedding non-core assets and investing in cleaner energy solutions.

Baker Hughes Waygate, based in Hurth, Germany?provides industrial test and inspection equipment.

Hexagon stated that the deal will allow 'the Swedish company to grow its non-destructive test solutions business, and it plans to fund the acquisition with cash and existing debt capacity.

According to the companies, the deal should close in the second quarter of 2026.

Baker Hughes is looking to expand its presence in the natural-gas and liquefied-natural gas sectors.

The company bought Chart Industries last year in an all-cash $13.6 billion deal, to leverage its industrial and energy technology portfolio.

Baker Hughes shares have gained over 37% this year.

(source: Reuters)