Will Marsh, vice president and general counsel of Cactus, Inc. is being honored as recipient of the 2026 M&A Transaction of the Year award by The Texas Lawbook and the Association of Corporate Counsel Houston Chapter.
Marsh has guided Cactus through two award-winning transactions, including the latest with his former employer of 22 years, Baker Hughes Corporation.
The deal involved the $344.5 million acquisition by Cactus of a 65 percent controlling stake in the international surface pressure control business of Baker Hughes.
In this Q&A with The Lawbook, Marsh discusses the traits he seeks in outside counsel, what outside counsel need to know when working with him and more.
Texas Lawbook: How did you decide on the legal and financial advisors to hire for the acquisition/JV?
Will Marsh: Bracewell did a very good job for us on prior acquisitions, so I felt like they were a good fit to take the lead on the transaction. I have worked for many years with Stephanie Schroepher at Norton Rose Fulbright on employee benefits, including on the failed Haliburton/BH transaction and the BH/GE transaction. Given our background, I have a high level of confidence in her abilities, so she was a logical choice bring in on employee benefits. Since we had limited operations before this transaction, we needed to bring on an international firm that could help us in various different jurisdictions. AO Sherman was a good fit for that need and have done a great job helping us throughout the world, including the UK, Saudi Arabia and China.
Lawbook: Why was this transaction or series of transactions important for Cactus?
Marsh: Not only do we believe we can grow the existing BH business, but the infrastructure will help us expand our existing pressure control business internationally but also grow the international footprint of our spoolable pipe business we acquired in 2023.
Lawbook: What are the factors you consider when deciding about hiring outside counsel?
Marsh: Building relationships has always been important to me. Most counsel decisions are based on those relationships.
Lawbook: What does outside counsel need to know about you?
Marsh: I need to be able to trust my outside counsel to have open and honest discussions with me. I also expect them to add value.
Lawbook: How is AI impacting your work and relationship with outside counsel?
Marsh: So far, very limited. I know that outside counsel continues to use AI to improve the document creation process and to identify issues. It also serves as a way to create checklists.
Lawbook: What am I not asking that I should be asking?
Marsh: As I look back on my accomplishments, I am still most proud of the $3.5 billion reverse termination that were able to negotiate in the failed BH/Halliburton transaction, which still remains as the largest cash termination fee ever paid in a failed merger.
Click here to read the Lawbook profile of Will Marsh.