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Monday, February 14, 2011

General Electric to Buy British Energy Services Firm for $2.8 Billion (GE)

Multinational conglomerate General Electric Company (GE) on Monday said it would buy British oil services specialist John Wood Group for around $2.8 billion.
The move comes just a couple months after GE’s acquisitions of British oil drilling company Wellstream Holdings Plc for around $1.3 billion.

GE is expected to continue its spending spree in the coming years, committing up to $30 billion in acquisitions, as the company refocuses its efforts on the industrial space. It recently sold its NBC Universal entertainment unit to Comcast (CMCSA) and has scaled back the operations of its GE Capital banking unit.

General Electric shares were mostly flat in premarket trading Monday.

Disclosure I am long GE shares.

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