Cactus (NYSE: WHD) announced on Friday, January 2, 2026, the completion of its acquisition of a 65% controlling interest in Baker Hughes’ Surface Pressure Control (SPC) business.
The transaction, valued at approximately $344.5 million in cash, marks a milestone in Cactus’ evolution from a North American unconventional specialist to a diversified global oilfield equipment manufacturer.
Under the terms of the deal, Cactus and Baker Hughes (NASDAQ:BKR) have formed a joint venture to operate the SPC business, with Baker Hughes retaining a 35% equity stake.
The new structure allows Cactus to assume full operational control of a business segment that designs and services specialized wellheads and production trees.
Notably, Cactus has the right to purchase the remaining 35% interest starting in 2028.
The move is strategically timed to offset recent volatility in the U.S. onshore market.
While Cactus has historically focused on domestic unconventional wells, roughly 85% of SPC’s revenue is generated in international markets—predominantly the Middle East.
The acquisition integrates a substantial backlog of over $600 million in product and aftermarket service orders, providing Cactus with enhanced revenue visibility through 2026.