Cactus completed the acquisition of a 65% stake in surface pressure control business from Baker Hughes for $345m.

Cactus, a manufacturer of pressure control equipment for the oil and gas industry, completed the acquisition of a 65% stake in surface pressure control business from Baker Hughes, an energy technology company, for $345m. “I am excited to welcome the talented SPC team to the Cactus organization. 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,” Scott Bender, Cactus Chairman and CEO.