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Hexagon Closes $1.45 Billion Waygate Technologies Acquisition
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Hexagon completed its previously announced acquisition of Waygate Technologies, a provider of non-destructive testing (NDT) solutions, from Baker Hughes (BKR ) on November 2, 2026, at an enterprise value of approximately $1.45 billion on a cash-and-debt-free basis, according to the company’s completion announcement.
Waygate supplies industrial radiography and computed tomography (CT) systems, remote visual inspection (RVI), ultrasonic testing and imaging solutions, and employs approximately 1,500 people across 25 locations. The business was consolidated into Hexagon’s Manufacturing Intelligence Business Area as of November 1, 2026.
Financing and Margin Impact
Hexagon financed the cash consideration with cash and existing debt facilities. Following the transaction, together with Hexagon’s acquisitions of Guidance Marine and ZG Technologies and its announced acquisition of Rocscience, the company’s pro forma leverage is approximately 1.4x net debt to EBITDA based on third-quarter 2026 figures. Hexagon estimates that transaction, carve-out and integration costs related to the acquisition will amount to approximately €50 million.
On a fiscal year 2025 pro forma basis, Hexagon said the acquisition dilutes the Manufacturing Intelligence Business Area’s margin by approximately 300 basis points and the Group margin by approximately 150 basis points. A central part of its value-creation plan is bringing Waygate’s margins up to Manufacturing Intelligence’s target range of 21% to 24% EBITAC margin, through initiatives including its operating model, localised manufacturing, cross-selling and potential portfolio optimisation.
“Completing this acquisition marks the start of an exciting new chapter for Hexagon Manufacturing Intelligence Business Area,” said Anders Svensson, President and CEO of Hexagon. “Waygate Technologies brings world-class inspection technology and loyal customer relationships.”
Agreement Announced in April
Hexagon signed the definitive agreement to acquire Waygate on April 13, 2026, stating at the time that it expected the transaction to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.
The April announcement set out selected fiscal year 2025 figures for the business:
| Revenue | EBITDA | EBIT1 | EBIT1 Margin | |
|---|---|---|---|---|
| Waygate Technologies (total) | ~$630m | $83m | $65m | 10.2% |
| RVI & Radiography | ~$330m | $63m | $53m | 16.1% |
The RVI & Radiography line represents those two segments only, excluding Ultrasonic Testing and Imaging Solutions.
Under its operating model, Hexagon assigns each division a Growth, Profitability or Stability mandate. It classified Radiography as a Profitability asset and RVI as a Growth asset, describing RVI as the global number-one provider of high-end video borescopes, a business that primarily serves aerospace maintenance customers by enabling inspection of aircraft jet engines without disassembly. Ultrasonic Testing and Imaging Solutions were classified as Stability assets, for which Hexagon will pursue performance-improvement strategies that may include strategic reviews.
Waygate is headquartered in Germany and is built on more than 130 years of combined heritage across brands including Seifert, Krautkrämer, phoenix|x-ray and Everest VIT. Its fiscal 2025 revenue split was North America 30%, Europe 28%, Asia 34% and Rest of World 8%, serving customers across aerospace, energy, automotive, electronics and industrial manufacturing, according to the April release.
Hexagon said combining Waygate’s CT systems with its Volume Graphics software and metrology portfolio creates an end-to-end offering for inspection and quality across the product lifecycle, and that the acquisition extends the Manufacturing Intelligence Business Area into the maintenance, repair and operations market. An appendix restating Hexagon and Manufacturing Intelligence historical financials to include Waygate Technologies is available on the company’s Investor Relations website.
