Cactus agrees to buy 65% of Baker Hughes pressure control unit for $344.5 million
Cactus, Inc. said its subsidiary Cactus Companies signed a framework agreement on June 2, 2025 to acquire a 65% membership interest in Baker Hughes Pressure Control LP, the surface pressure control business of Baker Hughes Company, for a cash price of $344.5 million on a debt-free, cash-free basis. The deal is not subject to a financing condition and is expected to close in the second half of 2025, funded from cash on hand and an undrawn ABL credit facility that was amended to ease guarantee and collateral requirements for the acquired business.
Key points
- Cash purchase price of $344.5 million for a 65% interest, subject to post-closing working capital, cash, debt and capital expenditure adjustments
- Baker Hughes Pressure Control to retain minimum cash of about $70 million; Cactus pays 65% of that amount on top of the price, with $10 million due at the first anniversary of closing and $14.5 million later
- After the second anniversary of closing, Cactus can buy the remaining interests at six times Adjusted EBITDA, with a $530 million minimum and $660 million maximum valuation if it elects to buy
- Closing expected in the second half of 2025, subject to regulatory clearances and other conditions; Cactus cites about $348 million of cash on hand as of March 31, 2025
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 02, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.