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

By Our Corporate Bureau | 04 Sep 2007

1

Mumbai: US conglomerate General Electric has agreed to buy British oilfield services firm Sondex for £288.7 million ($583.1 million / Rs 2,394.7665 crore) in cash, the two firms said in a statement.

General Electric, with interests spanning 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, the statement said.

That is 35.5 per cent above Sondex's closing share price on 30 August, the day before it announced takeover talks.

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