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The Boston Globe

Business

General Electric to buy oilfield equipment maker

NEW YORK — General Electric Co. has agreed to buy the oilfield equipment maker Lufkin Industries Inc. for $3.1 billion, furthering an effort by GE to increase its oil and gas operations.

GE said Monday that it would pay Lufkin shareholders $88.50 per share, a 38 percent premium over Lufkin’s closing price on Friday of $63.93.

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