Goldman Sachs and Baker Hughes Are Launching a Fracking Business [View all]

[think]

Goldman Sachs and Baker Hughes Are Launching a Fracking Business

by Reuters NOVEMBER 30, 2016, 5:22 AM EST

Along with private equity firm CSL Capital Management.

Baker Hughes said it has reached an agreement with CSL Capital Management and Goldman Sachs Group’s merchant banking division to create a hydraulic fracturing company in which Baker Hughes will own a 46.7% stake.

Under terms of the agreement, oilfield services provider Baker Hughes BHI -0.51% will contribute its North American land cementing and hydraulic fracturing businesses, which comprises of assets in the United States and Canada.

The agreement does not include Baker Hughes’ international pressure pumping businesses or its Gulf of Mexico offshore pressure pumping operations, which it will continue to operate.

Upon closing, private equity firm CSL Capital Management will contribute its Allied Energy Services platform to the new company, which provides hydraulic fracturing and cementing services on land in North America....

Read more:
http://fortune.com/2016/11/30/baker-hughes-fracking-goldman-sachs/