Cactus Inc. has announced its acquisition of a 65% interest in SPC, a business focused on oilfield equipment manufacturing, for $344.5 million, which values SPC at a total enterprise value of $530 million on a cash-free, debt-free basis. This strategic move positions Cactus as a leading player in the capital-light and geographically diversified oilfield equipment sector. The acquisition, which includes a partnership with Baker Hughes in a joint venture, expands Cactus' market presence significantly in the Middle East, with SPC generating approximately 85% of its revenues from the region. Cactus plans to fund the acquisition using its cash reserves and a revolving credit facility, with the transaction expected to close in the second half of 2025. CEO Scott Bender expressed enthusiasm about the deal, highlighting the complementary nature of SPC's operations to Cactus' existing business and the potential for enhanced revenue, earnings, and cash flow visibility.