Baker Hughes Agrees $1.45 Billion Sale of Waygate Technologies
Baker Hughes will sell its Waygate Technologies unit to Hexagon for $1.45 billion cash, with closing expected in the second half of the year. Waygate generated $630 million in revenue and $83 million in EBITDA last year, and proceeds will strengthen Baker Hughes’ balance sheet.
1. Deal Terms
Baker Hughes has agreed to sell its Waygate Technologies business to Hexagon for $1.45 billion in cash. The transaction is expected to close in the second half of the year and will be financed using existing cash balances and debt facilities.
2. Waygate Financials
In the last fiscal year, Waygate reported revenue of $630 million and EBITDA of $83 million, reflecting the unit’s focus on non-destructive inspection technologies across energy, aerospace and automotive sectors.
3. Strategic Rationale
The divestiture supports Baker Hughes’ strategy to streamline its portfolio, enhance cash flow durability and strengthen the balance sheet, allowing management to focus on core oilfield services and higher-return investments.