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Divestment · Energy Transition · Industrial Technology · Oilfield Services
Baker Hughes definitively sold its Waygate Technologies unit to Swedish industrial technology group Hexagon for $1.45 billion in cash, a strategic divestment aligning with CEO Lorenzo Simonelli's stated focus on cleaner energy solutions.
The transaction is anticipated to finalize in the latter half of 2026, with Hexagon funding the acquisition through cash reserves and existing debt capacity. This move is a clear component of Baker Hughes CEO Lorenzo Simonelli's strategy to guide the company through the global energy transition by shedding non-core assets.
The company is actively investing in cleaner energy solutions, a commitment previously demonstrated by its $13.6 billion acquisition of Chart Industries last year, which enhanced its industrial and energy technology portfolio. This divestment reinforces Baker Hughes' commitment to shifting its business model towards sustainable energy.
