Local properties and heat transfer have been investigated in a NaK-nitrogen two-phase flow in a vertical tube under transverse magnetic field. An objective two-phase flow regime identification was also carried out systematically, using the probability distribution function of two-phase electromagnetic flowmeter signals. The application of a magnetic field was found to bring about a drastic change in the void fraction profile, i.e., asymmetric profile perpendicular to the field direction. This effect was more remarkably observed in bubbly flows. The magnetic field was also observed to decrease the number of bubbles, by promoting the agglomeration of small bubbles into larger ones and also break-up of large slugs, and, thus, to shift the flow regime boundaries. It has been also shown that the two-phase Nusselt number increases in bubbly flows, while it decreases in slug flows. This trend however reduces in the presence of a magnetic field.