The divestment is part of Baker Hughes’ broader strategy to reposition itself amid the global energy transition. The company has been streamlining its portfolio by shedding non-core assets while increasing investments in cleaner and lower-carbon energy solutions.
Waygate Technologies, headquartered in Hürth, Germany, specialises in industrial testing and inspection equipment, particularly non-destructive testing systems used across various industries. Hexagon said the acquisition would strengthen its capabilities in this segment and expand its footprint in advanced inspection technologies.
The Swedish group added that it intends to finance the transaction using a combination of cash on hand and existing debt capacity. The deal is expected to be completed in the second half of 2026, subject to customary closing conditions.
For Baker Hughes, the move aligns with efforts to rebalance its operations away from its traditional oilfield services business and deepen its presence in sectors such as natural gas and liquefied natural gas.
The company has also been pursuing growth through acquisitions. In 2025, Baker Hughes struck a $13.6 billion all-cash agreement to acquire Chart Industries, aiming to enhance its industrial and energy technology portfolio.
Shares of Baker Hughes have risen more than 37% so far this year, reflecting investor optimism over its strategic shift and evolving role in the energy sector.