Hexagon has completed its acquisition of Waygate Technologies, the non-destructive testing (NDT) business it bought from Baker Hughes. The deal carries an enterprise value of approximately $1.45 billion on a cash and debt free basis.
Waygate sells industrial radiography and computed tomography (CT) systems, remote visual inspection, ultrasonic testing and imaging solutions. Hexagon says the business draws on more than 130 years of inspection expertise. It has approximately 1,500 employees across 25 locations and generated revenue of approximately $630 million in fiscal 2025.
The purchase extends Hexagon's Manufacturing Intelligence Business Area into NDT and the maintenance, repair and operations (MRO) market. Waygate consolidated into that unit as of 1 November 2026. Hexagon says 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. For metrology and quality engineers, that means CT hardware, analysis software and coordinate measurement now sit under one vendor.
The financial picture is less tidy. On a fiscal 2025 pro forma basis, the acquisition dilutes the Manufacturing Intelligence margin by approximately 300 basis points and Hexagon's group margin by approximately 150 basis points. Hexagon plans to bring Waygate up to the unit's target range of 21–24 percent EBITAC margin. The levers it lists are its operating model, localised manufacturing, cross-selling and potential portfolio optimisation. Transaction, carve-out and integration costs are estimated at approximately €50 million.
Hexagon is paying with cash and existing debt facilities. Its pro forma leverage is approximately 1.4x net debt to EBITDA, based on Q3 2026 figures that include the Waygate deal, the Guidance Marine and ZG Technologies acquisitions, and the announced acquisition of Rocscience.
