Hexagon stock enters integration after Waygate closing

Hexagon completed its acquisition of Waygate Technologies from Baker Hughes on November 2, 2026, marking the start of a new integration phase for the Swedish measurement technology group. The company said in its official press release that Waygate will operate within its Manufacturing Intelligence business area.

Waygate provides industrial radiography, computed tomography, remote visual inspection, ultrasonic testing and imaging solutions for non-destructive testing. The business generated 630 million US dollars in fiscal 2025, employs approximately 1,500 people and operates across 25 locations, according to Hexagon.

Acquisition broadens industrial inspection

The deal extends Hexagon's offering from the external measurement and metrology of components to the inspection of internal structures and hard-to-reach areas. Hexagon plans to combine Waygate's computed tomography systems with its Volume Graphics software and wider metrology portfolio, creating a more complete inspection proposition across the product lifecycle.

The transaction carries an enterprise value of 1.45 billion US dollars on a cash-free and debt-free basis. Hexagon financed the cash consideration through cash and existing debt facilities. Waygate was consolidated into Hexagon's financial results from November 1, 2026, one day before the completion announcement.

Margins are the central integration test

The acquisition brings an immediate profitability challenge. On a fiscal 2025 pro forma basis, Hexagon estimates that Waygate would reduce the Manufacturing Intelligence margin by about 300 basis points and the group margin by about 150 basis points.

Management is targeting an EBITAC margin of 21% to 24% for Waygate, matching the target range of the Manufacturing Intelligence business area. The improvement plan includes applying Hexagon's operating model, localising manufacturing, expanding cross-selling and considering portfolio optimisation. Hexagon expects transaction, carve-out and integration costs of 50 million euros.

Hexagon CEO Anders Svensson described the closing as the beginning of a new chapter for Manufacturing Intelligence and pointed to Waygate's inspection technology and customer relationships as strategic assets. For investors, the combination offers broader industrial exposure, while execution and margin recovery will determine how quickly the acquisition supports returns.

Hexagon stock traded at 9.78 euros on Lang & Schwarz at 12:10 CET on Wednesday, November 11, 2026.

Swedish equities remain part of the broader OMXS30 market environment.

More news and analyses on Hexagon stock.