Cactus to acquire 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, agreed to acquire a 65% stake in surface pressure control business from Baker Hughes, an energy technology company, for $345m. “I am extremely pleased to announce this acquisition today, which is the result of a long, exhaustive process to responsibly enter several of the most important oil and gas markets in the world. The SPC Business meets all of our acquisition criteria. Its geographic footprint is highly complementary to Cactus’ existing business, and this combination enables us to expand our reach as a capital-light manufacturer of highly-engineered products sold directly to end users," Scott Bender, Cactus Chairman and CEO of Cactus.