Hexagon Completes Wyeget Acquisition for About $1.45 Billion Before Closing Adjustments
Key Facts
Hexagon completed its purchase of Baker Hughes’ Wyeget Technologies unit on November 2, 2026, for about $1.45 billion in cash, before customary closing adjustments, according to statements from both companies. The deal was announced on April 13, and Wyeget became part of Hexagon’s smart manufacturing business as of November 1. The acquisition expands Hexagon’s activities into non-destructive testing and the asset maintenance, repair and operations market. Baker Hughes said the divestiture supports disciplined portfolio management and strengthens the sustainability of earnings, cash flows and the balance sheet. For Hexagon, the deal expands its industrial inspection solutions, while giving Baker Hughes cash proceeds to support its balance sheet.
The businesses transferring to Hexagon include remote visual inspection, ultrasonic testing, radiographic testing and imaging solutions, along with intellectual property, an operating footprint and resources, according to Baker Hughes. Wyeget’s technologies cover computed tomography, remote visual inspection, ultrasonic testing and imaging solutions, according to Hexagon. The unit has about 1,500 employees across 25 sites. Wyeget generated about $630 million in revenue in fiscal 2025. That scale gives Hexagon an established operating and technology base from which to expand its industrial equipment inspection business.
Hexagon said the acquisition extends its smart manufacturing business into the non-destructive testing market and adds the maintenance, repair and operations market. The company plans to integrate Wyeget’s computed tomography systems with Volume Graphics software and its industrial metrology portfolio. When it announced the deal in April, Hexagon classified radiographic testing and remote visual inspection as growth assets, while classifying ultrasonic testing and imaging solutions as stability assets. It also said at the time that it could conduct strategic reviews of businesses classified as stability assets. The company described remote visual inspection as a platform in the aviation maintenance, repair and overhaul market.
Hexagon expects the acquisition, on a pro forma basis combining fiscal 2025 results, to reduce the smart manufacturing margin by about 300 basis points and the group margin by about 150 basis points. It said one source of value creation is raising Wyeget’s margin to the smart manufacturing business’s target range of 21% to 24% in adjusted EBITA. The margin improvement plan includes applying its operating model, localizing manufacturing, cross-selling and potentially optimizing the product portfolio. Wyeget’s EBIT margin was 10% in fiscal 2025, while its radiographic testing and remote visual inspection platforms generated about $330 million in revenue at a 16% margin in the same period. These figures show the gap between the businesses’ current profitability and the range Hexagon is targeting.
Hexagon will fund the cash consideration with available cash and existing debt facilities, according to its statement. The group estimated post-deal leverage at about 1.4 times net debt to EBITDA, based on third-quarter 2026 figures. The company estimated transaction, separation and integration costs at about €50 million. Baker Hughes previously said the deal, together with two other transactions closed in early 2026, was expected to generate total proceeds of about $3 billion during the year. In April, its Chief Executive Lorenzo Simonelli described the divestiture as part of portfolio management and an assessment of further opportunities to enhance shareholder value.
In trading linked to the deal announcement on April 13, 2026, Baker Hughes shares rose 1.6% in premarket trading as oil prices also gained, according to Reuters. On November 5, 2026, EL7 data recorded a close of $46.20 for Baker Hughes shares. The data also recorded a close of $11 that day for the instrument with the HXGBY ticker, a record that does not identify the price of Hexagon’s Stockholm-listed shares. These levels refer to sessions different from the deal’s announcement and completion. The completion statement did not report a new share price for either company.