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.
