Hexagon stock completes Waygate deal to expand industrial inspection

Hexagon completed its previously announced acquisition of Waygate Technologies from Baker Hughes on Monday, November 2, 2026. The transaction expands Hexagon's industrial inspection portfolio and places Waygate within the Manufacturing Intelligence business area, according to a PR Newswire release carried by Yahoo Finance.

Waygate provides industrial radiography, computed tomography, remote visual inspection, ultrasonic testing and imaging solutions. The business has approximately 1,500 employees across 25 locations and generated approximately 630 million US dollars in fiscal 2025 revenue.

Broader inspection offering

The acquisition gives Hexagon an entry into non-destructive testing and the maintenance, repair and operations market. Hexagon said the combination of Waygate's computed tomography systems with its Volume Graphics software and metrology portfolio can create an end-to-end inspection and quality offering across the product lifecycle.

Waygate was consolidated from November 1, 2026. The transaction has an enterprise value of approximately 1.45 billion US dollars on a cash- and debt-free basis. Hexagon financed the cash consideration through cash and existing debt facilities.

The financial effect will initially weigh on margins. On a fiscal 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. The company expects to move Waygate toward a 21% to 24% EBITAC margin through its operating model, localized manufacturing, cross-selling and potential portfolio optimization.

Hexagon stock traded at 9.98 euros on Lang & Schwarz at 10:01 CET on Monday, November 2, 2026. Investors will therefore focus on the pace of operational improvement and on whether the broader inspection portfolio can offset the near-term margin dilution. Hexagon estimates transaction, carve-out and integration costs of approximately 50 million euros.

Hexagon's chief executive Anders Svensson said Waygate brings inspection technology and established customer relationships. For investors, the next milestones are the integration of the business, the realization of cross-selling opportunities and progress toward the stated margin target.

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