Nordic Capital to acquire BWXT Medical Business in transaction valued at up to US$800M

On August 3, 2026, Nordic Capital entered into a definitive agreement to acquire BWX Technologies, Inc.'s ("BWXT") medical business, including BWXT Medical and Kinectrics' stable medical isotopes business, at a valuation of up to US$800 million. The transaction remains subject to customary regulatory approvals and is expected to close by the end of 2026. BWXT will retain a meaningful minority ownership stake in the business following closing and will continue to provide specialized isotope and radiochemical expertise under the agreement.

Nordic Capital is an international private equity firm focused on investments in healthcare, technology and payments, financial services, and services and industrial technology businesses.

BWXT is a US-based manufacturer and engineering company providing nuclear-related products and services across national security, energy, nuclear medicine, space and environmental sectors. BWXT Medical is headquartered in Ottawa, Ontario, and Kinectrics' stable medical isotopes business is based in Toronto, Ontario.

McCarthy Tétrault LLP is advising Nordic Capital with a team led by Shevaun McGrath that includes Maureen Gillis, James Lin, Meghan Noel, Nicholas Geringer, Charm Hu, Emmanuel Onyemachi (Business Law), Deborah Salzberger, Lucinda Chitapain (Antitrust/Competition & Foreign Investment), Patrick Pengelly, Marco Fimiani, Aliya Hemani (Labour and Employment), Lisa Melanson, Vincent Yip, Jeff Sun, Karen Chow (Intellectual Property), Kimberly Howard (Energy and Infrastructure), Brian Allen Lipson (Transportation), Susan Nickerson, Julia Miller (Pension, Benefits and Executive Compensation), Raj Juneja, Simon Douville, Justin Ng, Giorgina Chum, Suhaylah Sequeira (Tax), Martha Harrison, Oksana Migitko (International Trade & Investment), Michael Scherman, Jamie Parker (Technology), Patricia Doiron (Litigation), and Sarit Pandya (Real Property & Planning).