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General Electric to buy UK's Sondex for $583 million

LONDON
Mon Sep 3, 2007 2:37am EDT

Stocks

   
Jeffrey Immelt, chairman and chief executive of General Electric is seen in Los Angeles, California May 24, 2007. U.S. conglomerate General Electric has agreed to buy British oilfield services firm Sondex for 288.7 million pounds ($583.1 million) in cash, the two firms said on Monday. REUTERS/Fred Prouser

LONDON (Reuters) - U.S. conglomerate General Electric (GE.N) has agreed to buy British oilfield services firm Sondex SDX.L for 288.7 million pounds ($583.1 million) in cash, the two firms said on Monday.

Mergers & Acquisitions

General Electric, whose interests span technology, media and financial services, will pay 460 pence a share for Sondex, which designs, makes and markets electro-mechanical based equipment for oilfield service companies.

That is 35.5 percent above Sondex's closing share price on August 30, the day before it announced takeover talks.
Mergers & Acquisitions


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