Baker Hughes, Cactus create joint venture for surface pressure control services

Baker Hughes (BKR) announced an agreement to form a new joint venture with a subsidiary of Cactus (WHD), in which Baker Hughes will contribute 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, will assume operational control, owning 65% of the joint venture, while Baker Hughes will retain a 35% stake. The joint venture will operate independently from Cactus’ existing Pressure Control business and will focus on maintaining its leadership position in the international market for surface wellhead and production tree systems. This targeted portfolio refinement is aligned with Baker Hughes’ focus on enhancing the durability of earnings and cash flow and will enable the company to reallocate capital toward higher-return opportunities, all while maintaining a strategic and disciplined approach to capital deployment. The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to close in the second half of 2025.