Baker Hughes and Cactus have completed the closing of their previously announced joint venture covering Baker Hughes’ surface pressure control (SPC) product line.
Under the terms of the transaction, Cactus holds a 65% equity stake in the joint venture, while Baker Hughes retains the remaining 35%. Baker Hughes contributed its SPC business to the venture and received approximately $344.5 million in cash proceeds, before customary closing adjustments.
The joint venture combines Baker Hughes’ surface pressure control portfolio with Cactus’ manufacturing and service capabilities in pressure control equipment used in drilling, completion and production operations. The companies said the structure is intended to strengthen capital efficiency while maintaining Baker Hughes’ exposure to the SPC market.
Baker Hughes said the transaction supports its broader portfolio management strategy, providing additional liquidity and enabling capital redeployment toward higher-return opportunities. The company added that the proceeds will help strengthen its balance sheet while improving earnings and cash flow durability.
Cactus, which has expanded its footprint in pressure control technologies in recent years, will operate the SPC business as the majority owner of the joint venture.
The transaction was previously announced earlier this year and has now met all closing conditions.
