Nov 29 (Reuters) - Baker Hughes Inc said it has reached an agreement with CSL Capital Management and Goldman Sachs Group Inc’s merchant banking division to create a hydraulic fracturing company in which Baker Hughes will own a 46.7 percent stake.
Under the terms of the agreement, oilfield services provider Baker Hughes will contribute its North American land cementing and hydraulic fracturing businesses, which comprises of assets in the United States and Canada.
Upon closing, CSL Capital Management will contribute its allied energy services platform, which provides hydraulic fracturing and cementing services on land in North America.
CSL Capital Management and Goldman Sachs’s West Street Energy Partners will together own 53.3 percent of the new company. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta)