Baker Hughes Sells Waygate Technologies to Hexagon for $1.45 Billion

Baker Hughes has sold its Waygate Technologies unit to Hexagon for $1.45 billion in cash. The deal is set to close in the second half of 2026, financed by Hexagon using cash and debt. CEO Lorenzo Simonelli is steering Baker Hughes towards cleaner energy solutions by divesting non-core assets.

Baker Hughes, a leading oilfield services provider, announced the sale of its Waygate Technologies unit to Swedish industrial technology group Hexagon for $1.45 billion in cash.

The transaction is anticipated to be finalized in the latter half of 2026, with Hexagon planning to fund the acquisition through cash reserves and existing debt capacity.

This move aligns with Baker Hughes CEO Lorenzo Simonelli's strategy to guide the company through the global energy transition by shedding non-core assets and investing in cleaner energy solutions, as demonstrated by last year's $13.6 billion acquisition of Chart Industries to enhance their industrial and energy technology portfolio.

(With inputs from agencies.)