Baker Hughes to sell Waygate Technologies to Hexagon for $1.45bn

(Sharecast News) - Baker Hughes said on Monday that it has agreed to sell its Waygate Technologies business to Hexagon, a Swedish measurement technologies firm, for about $1.45bn. Waygate, which is part of Baker Hughes' industrial & energy technology (IET) segment, is "a global leader" in advanced non-destructive testing for the inspection of critical assets without disruption.

The US energy technology company said the sale encompasses Waygate's remote visual inspection, ultrasound, radiography, and imaging solutions portfolios, and all assets of the business, including intellectual property, footprint and resources.

Baker Hughes chairman and chief executive Lorenzo Simonelli said: "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 optimisation and decarbonisation - 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 deal is expected to close in the second half of this year.