Cactus (WHD) introduced that its subsidiary Cactus Firms has entered right into a definitive settlement with sure subsidiaries of Baker Hughes Firm (BKR) to amass 65% and assume operational management of the Baker Hughes Floor Strain Management Enterprise, SPC. SPC designs, manufactures and companies specialised floor strain management options, primarily wellheads and manufacturing tree gear, for worldwide markets. Enterprise Highlights: Acquisition establishes Cactus’ place as a premier, capital-light and geographically diversified oilfield gear producer; Transforms Cactus’ geographic footprint, with ~85% of SPC revenues generated within the Center East and no materials U.S. exterior gross sales, offering for a extra various and steady consolidated Cactus Strain Management income profile via market cycles ; Higher income, earnings and money movement visibility from the acquisition ensuing from SPC’s $600+ million product and aftermarket service backlog as of December 31, 2024; Extremely accretive to monetary metrics whereas sustaining a conservative stability sheet; A Joint Enterprise will likely be fashioned to carry SPC, and Baker Hughes will retain 35% possession within the Joint Enterprise post-closing
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