November 29, 2016 / 9:35 PM / a year ago

BRIEF-Baker Hughes, CSL and GS' merchant banking div to form NA land pressure pumping company

Nov 29 (Reuters) - Baker Hughes Inc

* Baker hughes, csl capital management and goldman sachs’ merchant banking division agree to form north american land pressure pumping company

* Baker hughes inc - baker hughes will retain a 46.7 percent ownership stake, and will receive $150 million in cash from new company

* Privately-Held new co will provide hydraulic fracturing, cementing services and technology for north american land market

* Baker hughes - will contribute its north american land cementing and hydraulic fracturing businesses, which comprises assets in u.s. And canada

* Csl capital management and wsep will together contribute $325 million in cash to new company

* Baker hughes inc - new company will operate under bj services brand and will be headquartered in tomball, texas.

* Baker hughes - csl capital management, wsep together will own 53.3 percent of new company, and baker hughes will retain 46.7 percent ownership stake

* Wells fargo securities, llc is acting as exclusive financial advisor to baker hughes

* Baker hughes inc - warren zemlak, current president & ceo of allied energy services will serve as ceo of bj services Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below