General Electric Co. agreed to buy Lufkin Industries Inc. for about $3.3 billion to add technologies for the oil and gas industry as Chief Executive Officer Jeffrey Immelt raises his bet on energy.

Lufkin shareholders will receive $88.50 per share in cash, and the deal should close in the second half, GE said in a statement today. The price is 38 percent more than the $63.93 close on April 5 for the Lufkin, Texas-based manufacturer.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.