April 13 (Reuters) - Oilfield services provider Baker Hughes said on Monday it sold its Waygate Technologies unit to Swedish industrial technology group Hexagon in an all-cash transaction for about $
Baker Hughes to sell Waygate unit to Hexagon for about $1.45 billion
Overview of the Waygate Technologies Sale
By Pooja Menon and Gnaneshwar Rajan
April 13 (Reuters) - Baker Hughes said on Monday it will sell its unit, Waygate Technologies, to Sweden-based Hexagon for about $1.45 billion in cash, as the oilfield services provider reorganizes its business to focus on high-growth areas.
Strategic Business Reorganization
The deal is part of Baker Hughes' efforts to reshape its business by shedding non-core assets and shifting focus away from traditional oilfield services, while investing in cleaner energy solutions and expanding its presence in the natural gas sector.
CEO Statement on Company Vision
"By sharpening our focus on our core strengths... 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," said Baker Hughes CEO Lorenzo Simonelli.
About Waygate Technologies
Hürth, Germany-based Waygate provides industrial testing and inspection equipment, and is part of Baker Hughes' Industrial & Energy Technology segment.
Details of the Transaction
Waygate's sale to the Swedish industrial technology group is expected to close in the second half of this year, Baker Hughes said.
Recent Portfolio Changes
Previous Divestitures
Last year, Baker Hughes decided to sell nL4N3SC0VZ its precision sensors and instrumentation product line to aerospace and defense parts manufacturer Crane for $1.15 billion and sold nL3N3S50V5 65% of its surface pressure control business to a unit of equipment maker Cactus.
Major Acquisitions
The company agreed in 2025 to buy Chart Industries in a $13.6 billion nL4N3TQ0T9 all-cash deal to leverage its industrial and energy technology portfolio, topping a previously-agreed merger offer that Chart struck with rival Flowserve.
Long-Term Portfolio Strategy
Since 2022, Baker Hughes has strategically divested nearly $2 billion of IET assets, The Zephirin Group's Longdley Zéphirin said.
"While these disposals may initially appear to signal retrenchment, we view them as a deliberate portfolio realignment rather than a simple reduction of assets."
Market Reaction
Shares of the Houston, Texas-based company rose 1.6% in premarket trading, tracking higher oil prices.
(Reporting by Pooja Menon and Gnaneshwar Rajan in Bengaluru; Editing by Subhranshu Sahu and Leroy Leo)
