Oilfield equipment maker Cactus Inc. has agreed to acquire a controlling interest in Baker Hughes’ surface pressure control business for $344.5 million. The business designs, manufactures and services specialized surface pressure control solutions, primarily wellheads and production tree equipment, for international markets.

The acquisition gives Cactus geographical diversity, as the Baker Hughes unit generates 85% of its revenue in the Middle East. Baker Hughes will retain 35% ownership when the companies form a joint venture.

“This combination enables us to expand our reach as a capital-light manufacturer of highly engineered products sold directly to end users,” said Cactus CEO Scott Bender. “This transaction provides us with improved access to important new non-tariff impacted markets for both pressure control and spoolable technologies products to continue the growth trajectory we have demonstrated since our founding and should diversify and stabilize our revenue streams through cycles.”

After the second anniversary of the closing, Cactus has the right to buy out the Baker Hughes interest, and Baker Hughes has the right to force Cactus to buy that interest. Closing is expected in the second half of 2025.

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