Cactus gains following decision to acquire controlling interest in Baker Huges' unit

Cactus

02/06/2025 17:45

** Shares of oilfield equipment maker Cactus WHD.N up 1.4% at $41.45

** Company says it will buy 65% interest in Baker Hughes' BKR.O surface pressure control (SPC) business for $344.5 million

** Both BKR and WHD have agreed to form a joint venture to hold the SPC business, where BKR will retain a 35% stake post-closing

** Transaction is expected to close in the second half of 2025

** Including session's moves, WHD down ~29% YTD

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))