Baker Hughes said it has closed on a deal that will spin out the US services giant's US pressure pumping business into a standalone pure play company, reviving the BJ Services name that disappeared after that company was acquired in 2009.
In a statement late on Friday, the last trading day of 2016, Baker Hughes said its agreement with private equity fund CSL Capital Management and Goldman Sach-managed West Street Energy Partners has been completed.
In the deal announced on 29 November, Baker Hughes said CSL and West Street Energy will pay Baker Hughes $150 million and contribute a combined $325 million in cash to the new company.
Baker
