HOUSTON--(BUSINESS WIRE)--Dec. 30, 2016--
Baker Hughes Incorporated (NYSE:BHI), CSL Capital Management and West
Street Energy Partners (WSEP), a fund managed by the Merchant Banking
Division of Goldman Sachs, announced today that they have completed
their pending transaction to create the new BJ Services, a pure-play
North American land pressure pumping company providing hydraulic
fracturing and cementing services.
The transaction agreement, which was announced on Nov. 29, 2016, does
not include Baker Hughes’ international pressure pumping businesses or
its Gulf of Mexico offshore pressure pumping operations, which Baker
Hughes will continue to operate.
About Baker Hughes
Baker Hughes is a leading supplier of oilfield services, products,
technology and systems to the worldwide oil and natural gas industry.
The Company’s 34,000 employees today work in more than 80 countries
helping customers find, evaluate, drill, produce, transport and process
hydrocarbon resources. For more information about Baker Hughes, visit: www.bakerhughes.com
About CSL Capital Management
CSL Capital Management is an SEC-registered private equity firm founded
in early 2008 and headquartered in Houston, TX. Since its inception, CSL
Capital Management has raised in excess of $1.4 billion in equity
capital and commitments across various investment vehicles. CSL Capital
Management is currently investing out of CSL Energy Opportunities Fund
II, L.P. CSL’s current portfolio includes several de novo, growth,
recapitalization, and other investments.
About Goldman Sachs’ Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc., is a leading global
investment banking, securities and investment management firm. Goldman
Sachs’ Merchant Banking Division (MBD) is the primary center for the
firm’s long-term principal investing activity. With nine offices across
seven countries, MBD is one of the leading private capital investors in
the world with equity and credit investments across corporate, real
estate, and infrastructure strategies. Since 1986, the group has
invested approximately $180 billion of levered capital across a number
of geographies, industries and transaction types.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161230005244/en/
Source: Baker Hughes
For Baker Hughes
Alondra Oteyza, +1-713-439-8822