BAKU, Azerbaijan, November 2. Baker Hughes has completed the sale of its Waygate Technologies business to Hexagon in an all-cash transaction valued at approximately $1.45 billion before customary closing adjustments, the company announced on November 2.
The divestment covers Waygate Technologies' portfolios of remote visual inspection, ultrasound, radiography and imaging solutions, as well as all related business assets, including intellectual property, facilities and personnel.
Baker Hughes said the transaction would strengthen its balance sheet through cash proceeds of approximately $1.45 billion before closing adjustments.
"This divestiture reinforces the Company’s commitment to disciplined portfolio management, enhances the durability of earnings and cash flow, and further strengthens the Company’s balance sheet," the company said.
The sale is part of Baker Hughes' efforts to streamline its portfolio and focus on its energy technology and industrial businesses.
Waygate Technologies is a premier German inspection equipment manufacturer and a global leader in non-destructive testing (NDT). With more than 125 years of combined expertise, the company's legacy as an advanced inspection equipment manufacturer is built on the pioneering innovations of brands like Krautkrämer, phoenix|x-ray, Seifert, Everest, and Agfa NDT.
Headquartered in Hürth, Germany, and operating in over 80 countries, Waygate Technologies combines German engineering for inspection equipment with a global mindset to deliver cutting-edge solutions.
The company's story began in 2004 as GE Inspection Technologies (GEIT). In 2017, Waygate Technologies became part of Baker Hughes following the merger of GE’s Oil & Gas division with Baker Hughes Inc.
