Cactus has completed its previously announced acquisition of a majority stake in Baker Hughes’ surface pressure control (SPC) business.
Based in the US, Cactus focuses on supplying pressure control equipment for the oil and gas industry.
Baker Hughes’ SPC business deals in the design, manufacture and servicing of wellheads and production tree equipment, mostly for international markets.
Following the deal, Cactus currently holds 65% equity in the SPC joint venture (JV), with Baker Hughes maintaining a 35% stake.
The deal, which was announced in June 2025, delivers $344.5m in cash proceeds, prior to the customary closing adjustments to Baker Hughes. The proceeds are expected to bolster the company’s balance sheet and enhance its liquidity position.
Cactus chairman and CEO Scott Bender said: “I am excited to welcome the talented SPC team to the Cactus organisation. This transaction is transformational for Cactus as it diversifies our geographic footprint and provides us with access to new growth markets.
“We look forward to operating the business with our long-standing focus on safety, customer execution, margins and returns, which will deliver long-term value to shareholders.”
Baker Hughes said that the completion of this transaction marks a milestone in the company's value creation strategy and reflects its focus on disciplined portfolio management, operational execution and capital efficiency.
The SPC JV aims to solidify its presence in the overseas market for surface wellhead and production tree systems while operating independently from Cactus' existing businesses.
The partnership enables Baker Hughes to reallocate capital towards higher-return ventures, thereby enhancing earnings and cash flow resilience.
Piper Sandler & Co. served as the exclusive financial adviser to Cactus and Bracewell acted as legal counsel in association with the transaction.
In September last year, Baker Hughes announced a multi-year contract with Petrobras, extending the deployment of the Blue Marlin and Blue Orca stimulation vessels.
