Nordic Capital agrees to buy BWXT Medical in deal valued up to $800 million

BWX Technologies has signed a definitive agreement to sell its medical business to Nordic Capital. The transaction, valued at up to $800 million, includes BWXT Medical and the stable medical isotopes business of Kinectrics. BWXT will keep a meaningful minority stake in the divested business and will continue to provide isotope and radiochemical expertise under the agreement.

BWXT said the sale will let it concentrate resources and capital on its core nuclear national security and commercial nuclear power markets. Rex D. Geveden, BWXT's president and chief executive, said the medical business has roughly tripled revenue since BWXT acquired it in 2018. Christian Hedegaard, a partner at Nordic Capital Advisors, said the firm sees significant potential to scale the business and expand access to radiopharmaceutical therapy.

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