Hexagon stock tracks Waygate integration after deal closes

Hexagon completed its acquisition of Waygate Technologies from Baker Hughes on Monday, November 2, 2026. The transaction expands the Swedish measurement technology group's Manufacturing Intelligence business into non-destructive testing and maintenance, repair and operations markets.

The company said in its Hexagon press release that Waygate provides industrial radiography, computed tomography, remote visual inspection, ultrasonic testing and imaging solutions. The business generated approximately 630 million US dollars in fiscal 2025 revenue, employs approximately 1,500 people and operates across 25 locations.

Integration sets the next test

Waygate has been consolidated since November 1 and is now part of Manufacturing Intelligence. Hexagon expects the combination of Waygate's computed tomography systems with its Volume Graphics software and metrology portfolio to create a broader inspection and quality offering across the product lifecycle.

The financial effect is initially negative. On a fiscal 2025 pro forma basis, the acquisition reduces the Manufacturing Intelligence margin by approximately 300 basis points and the group margin by approximately 150 basis points. Hexagon is targeting a 21% to 24% EBITAC margin for Waygate over time, using its operating model, localized manufacturing, cross-selling and potential portfolio optimization.

The enterprise value is approximately 1.45 billion US dollars on a cash-free and debt-free basis. Hexagon is financing the cash consideration with cash and existing debt facilities, while estimating transaction, carve-out and integration costs of approximately 50 million euros. Pro forma leverage is approximately 1.4 times net debt to EBITDA based on third-quarter 2026 figures and the related acquisitions.

What changed since the last report

The Realtime quote of Hexagon stock was 9.86 euros on Lang & Schwarz at 18:04 CET on Thursday, November 5, 2026, down 3.14% from the 10.18 euros reported at 11:13 CET in the previous Hexagon article on the same day. This comparison is separate from a daily Xetra comparison.

For investors, the next milestones are the pace of integration, the recovery of Waygate's profitability and the effect of the purchase on leverage. The strategic benefit will depend on whether the expanded inspection portfolio can offset the initial margin pressure.

The Swedish market environment is covered through current OMXS30 market reports.

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