BWX Technologies has signed a definitive agreement to divest its entire medical division to Nordic Capital for up to $800 million. The transaction, announced on August 3, 2026, covers both BWXT Medical and Kinectrics’ stable radioisotope business. The deal is expected to close by the end of 2026, subject to customary regulatory approvals.
BWXT is not walking away entirely, however. The company will retain a 20% minority stake in the new entity formed under Nordic Capital’s ownership, preserving exposure to the future growth of the radiopharmaceutical market. That detail speaks volumes about the strategy: this is a selective divestiture, designed to free up capital without completely abandoning a sector with strong long-term prospects. Nordic Capital, a Stockholm-based healthcare-focused investor with approximately €39 billion in assets under management, plans to expand production capabilities in medical imaging and radiotherapy treatments.
For BWXT, the rationale is straightforward: sharpen focus on civil nuclear and national security. The Lynchburg, Virginia-based company employs more than 11,000 people across 19 manufacturing facilities worldwide. In 2025, it posted revenues exceeding $3.19 billion, up 18% year over year. Second-quarter 2026 results reinforce the trend, with quarterly revenues of $902 million and 9% organic growth excluding acquisitions.
The divestiture comes as BWXT is actively building its position in next-generation nuclear. In July, the company completed the $200 million acquisition of Precision Components Group, a Pennsylvania-based manufacturer, adding more than 500,000 square feet of heavy manufacturing capacity and over 450 U.S. employees. In June, it produced TRISO fuel that enabled the first criticality of a new reactor under a U.S. Department of Energy program. Both moves point clearly to where the company is headed.
President and CEO Rex D. Geveden highlighted BWXT’s satisfaction in maintaining a minority partnership role in BWXT Medical’s future growth, citing the expertise and resources Nordic Capital brings to the sector. The deal structure reflects a deliberate vision: divest what is non-core, keep a foot in the door where potential remains high, and redeploy the proceeds toward strategic contracts in military nuclear and commercial reactors. With demand for new nuclear capacity rising sharply across North America, BWXT is positioning itself to capture what looks set to be a prolonged expansion cycle.
