BWXT to sell medical unit to Nordic Capital for up to $800M

BWX Technologies, Inc. (NYSE: BWXT) has agreed to sell its medical business to Nordic Capital in a transaction valued at up to $800 million, according to a company press release. The deal includes BWXT Medical and Kinectrics' stable medical isotopes business.

BWXT will retain a minority ownership stake in the divested business and will continue providing specialized isotope and radiochemical expertise under the terms of the agreement.

The transaction covers businesses that BWXT first acquired in 2018. Rex D. Geveden, BWXT's president and chief executive officer, said the company had "roughly tripled revenue, improved profitability and significantly expanded the product portfolio, including novel therapeutic isotopes" since that acquisition.

Nordic Capital, a private equity firm that manages approximately €39 billion in assets, is taking ownership with a focus on scaling the radiopharmaceutical business. Christian Hedegaard, partner at Nordic Capital Advisors, said the firm "sees significant potential to scale the business and expand access to cutting-edge radiopharmaceutical therapy."

BWXT said the sale will allow it to direct resources toward its core nuclear national security and commercial nuclear power markets.

The transaction is subject to customary regulatory approvals and is expected to close by the end of 2026. Solomon Partners is serving as financial advisor to BWXT, and Stikeman Elliott is its legal counsel. Kirkland & Ellis LLP and McCarthy Tétrault are serving as legal counsel for Nordic Capital.

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