Cactus, Inc. filed an 8-K/A providing audited special purpose financial statements for Baker Hughes' Surface Pressure Control Business as of December 31, 2024 and for the nine months ended September 30, 2025, along with unaudited pro forma condensed combined financial information reflecting the acquisition of 65% interest completed on January 1, 2026. These disclosures comply with SEC requirements for the joint venture transaction valued at approximately $345 million cash consideration.
Key takeaways
Joint venture formed June 2, 2025; Cactus acquired 65% of Surface Pressure Control (SPC) for $371 million cash on January 1, 2026, Baker Hughes retains 35%
SPC Revenue: $503M (2024), $469M (9M 2025); Revenue less direct expenses: $89M (2024), $96M (9M 2025)