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U.S.-headquartered energy technology giant Baker Hughes has struck a deal to offload Waygate Technologies, part of its Industrial & Energy Technology (IET) segment, to Stockholm-headquartered Hexagon, a measurement technologies player.
Baker Hughes has agreed to sell its Waygate Technologies business to Hexagon in an all-cash transaction, valued at approximately $1.45 billion before customary closing adjustments. J.P. Morgan Securities is serving as the exclusive financial adviser for the seller.
The sale includes Waygate Technologies’ remote visual inspection, ultrasound, radiography, and imaging solutions portfolios, alongside all assets of the business, including intellectual property, footprint, and resources.
Lorenzo Simonelli , Baker Hughes’ Chairman and CEO, emphasized: “This transaction marks another significant milestone and reinforces our ongoing commitment to long-term value creation for our shareholders.
“By sharpening our focus on our core strengths – rotating equipment, flow control, digital, production optimization and decarbonization – we are strategically positioning Baker Hughes to deliver higher returns while accelerating investment in high-growth areas that are aligned with our long-term vision.”
The U.S. player underlines that this divestment, alongside the three recently completed transactions and the pending acquisition of Chart Industries, demonstrates its ongoing dedication to strategic, value-driven portfolio management.
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According to Baker Hughes, these actions are intended to enhance the durability of earnings and cash flow, with the proceeds further reinforcing the strength of its balance sheet. The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to close in the second half of 2026.
The company recently won multiple new assignments, including a gas technology order connected to an offshore floating liquefied natural gas (FLNG) project in Argentina.