April 13 (Reuters) - Oilfield services provider Baker Hughes sold its Waygate Technologies unit to Swedish industrial technology group Hexagon for about $1.45 billion in cash, the two companies said on Monday.
The deal comes as Baker Hughes attempts to reshape itself to adapt to the global energy transition, shedding non-core assets while investing in cleaner energy solutions.
Based in Hürth, Germany, Baker Hughes' Waygate unit provides industrial testing and inspection equipment.
Hexagon said the deal would enable the Swedish company to expand its non-destructive testing solutions business, and that it plans to finance the acquisition using cash and existing debt capacity.
The deal is expected to close in the second half of 2026, the companies said.
Baker Hughes has been looking to rebalance its business away from its traditional oilfield services focus and expand presence in the natural gas and liquefied natural gas sectors.
Last year, the company agreed to buy Chart Industries in a $13.6 billion all-cash deal to leverage its industrial and energy technology portfolio.
Baker Hughes shares have gained more than 37% so far this year.
Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Subhranshu Sahu
Source: Reuters