Baker Hughes announced Friday the final closing of its previously announced joint venture with a subsidiary of Cactus, Inc., in which Baker Hughes has contributed its surface pressure control product line.
Cactus, a global manufacturer and service provider of pressure control equipment for oil and gas drilling, completion and production, holds a 65% equity in the joint venture, with Baker Hughes retaining a 35% stake.
According to the announcement, “the completion of this transaction represents an important milestone in Baker Hughes’ value-creation strategy, reinforcing the Company’s commitment to disciplined portfolio management, operational execution and capital efficiency. This transaction enhances earnings and cash flow durability, enables the redeployment of capital toward higher-return opportunities, and provides cash proceeds to further strengthen the balance sheet, all within a rigorous, returns-focused approach to capital allocation.”