U.S. conglomerate General Electric has agreed to buy British oilfield services firm Sondex for 288.7 million pounds ($583.1 million) in cash, the two firms said on Monday.

General Electric, whose interests span 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.

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

General electric