Cactus to buy 65% stake in Baker Hughes surface pressure control business in $344M deal

Cactus to buy 65% stake in Baker Hughes surface pressure control business in $344M deal

Cactus agreed to acquire 65% and assume operational control of Baker Hughes' surface pressure control business for $344.5M.

Cactus stake buy in Baker Hughes

Cactus Companies has agreed to acquire a 65% controlling stake in Baker Hughes' Surface Pressure Control (SPC) business.

Oilfield Services Provider Baker Hughes to Sell Stake in Unit to Cactus - Energy News, Top Headlines, Commentaries, Features & Events

June 2 (Reuters) – Baker Hughes (BKR.O) will sell 65% of its surface pressure control business to a unit of equipment maker Cactus (WHD.N) for $344.5 million, as the oilfield services provider focuses on its core businesses amid volatile oil prices. The companies will form a joint venture to hold the business, they said on ...

Cactus to Acquire 65% of Baker Hughes’ Surface Pressure Control Business

Cactus CEO Scott Bender said the $344.5 million deal with Baker Hughes improves the oilfield equipment company’s access to new markets unaffected by tariffs.

Baker Hughes creates joint venture with Cactus for surface pressure control services – Oil & Gas 360

(World Oil) – Baker Hughes and Cactus, a global manufacturer of pressure control equipment for oil and gas drilling, have entered a new joint venture involving Baker Hughes’ surface pressure control (SPC) product line. Cactus will own 65% of the JV, while Baker Hughes will retain a 35% stake. The joint venture will operate independently from Cactus’ existing Pressure Control business and will focus on maintaining its leadership position in the in

Baker Hughes, Cactus create joint venture for surface pressure control services - Drilling Contractor

Baker Hughes agreed to form a new joint venture with a subsidiary of Cactus, in which Baker Hughes will contribute its surface pressure control (SPC) product line. Cactus, a manufacturer and service provider of pressure control equipment for oil and gas drilling, completion and production, will assume operational control, owning 65% of the joint venture, … The post Baker Hughes, Cactus create joint venture for surface pressure control services a…