New company is created by Baker

Baker Hughes, the CSL and a fund managed by Goldman Sachs created a new company, specializing in pressure pumping, to act on hydraulic fracturing services – the fracking-and cementing in land blocks in United States and in Canada.

Baker will enter with all its infrastructure and expertise in the activity, while the other two will inject $325 million, $150 million of which will go directly to the Baker, while the remainder will be used to strengthen the company and prepare it for growth.

With that, the CSL and Goldman Sachs will have control of the company, together with 53.3% stake, leaving the remaining 46.7% in the hands of Baker, which will operate the company under the banner of BJ Services, one of its subsidiaries.

The deal does not include Baker Hughes's operations in the international market, not its Division from the Gulf of Mexico, and the new company's headquarters will be in Tomball, Texas, under the command of Warren Zemlak (pictured), current President of Allied Energy Services, a service company of cementation and hydraulic fracturing of the CSL.


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