Cactus to acquire 65% of Baker Hughes pressure control business for $344.5M cash

Cactus, Inc.

Cash purchase price of $344.5M for 65% membership interest in Baker Hughes Pressure Control.
Cactus expects to fund using cash on hand (~$348M as of March 31, 2025) and its ABL credit facility.
After two years, Cactus can call and Baker Hughes can put the remaining 35% at 6x EBITDA, min $530M, max $660M valuation.
Transaction expected to close in H2 2025, subject to antitrust clearance and other customary conditions.
ABL credit facility amended to exclude non-wholly owned and non-U.S. subsidiaries from guarantees and collateral.

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