Houston headquartered Cactus Inc it has entered into a definitive agreement to acquire FlexSteel Technologies Holdings and its affiliates through a merger with its holding company, HighRidge Resources & Atlas Merger Sub, a newly formed subsidiary of Cactus. FlexSteel is a market-leading manufacturer of spoolable pipe technologies primarily purchased by customers during the production phases of a well’s lifecycle. FlexSteel designs, manufactures, sells and installs highly engineered spoolable pipe technologies. FlexSteel’s steel reinforced pipeline solutions are sold principally for onshore oil and gas wells and are utilized during the production phases of its customers’ wells. FlexSteel’s technology combines the durability of steel with the installation, performance and cost benefits of spoolable pipe products. FlexSteel operates service centers throughout the United States and Canada, while also providing equipment and services in select international markets. Cactus is acquiring FlexSteel on a cash-free, debt-free basis, for total upfront consideration of approximately USD 621 million, subject to customary purchase price adjustments. The closing is expected to occur in early 2023 and is subject to regulatory approvals and other customary conditions. In addition to the upfront consideration, there is a potential future earn-out payment of up to USD 75 million to be paid in mid-2024 if certain revenue growth targets are met by FlexSteel. FlexSteel’s current President and CEO Mr Thirucherai Sathyanarayanan will continue to lead the business, which generated revenue of approximately USD 265 million for the nine months ended September 30, 2022. Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers throughout the United States and Australia, while also providing equipment and services in select international markets.