GE To Pay $3.3B For Oil Service Co. Lufkin In Stock Deal

Law360, New York (April 8, 2013, 2:18 PM EDT) -- The oil and gas division of General Electric Co. has agreed to pay roughly $3.3 billion in a stock deal for Houston-based energy services company Lufkin Industries Inc., GE said Monday.

GE Oil & Gas will acquire Lufkin, a market leader in artificial lift technologies for oil wells, for $88.50 per share in cash. The price is a 36.7 percent premium over Lufkin's Friday closing price of $63.93 on the New York Stock Exchange.

The deal, which has received unanimous support from Lufkin's board of directors,...
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