NEW YORK (TheStreet) -- Shares of General Electric (GE) - Get Report were advancing on Monday morning after the company agreed to combine its oil and gas operations with Baker Hughes (BHI).

"It's a really good deal. I am very happy," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

"The combination of the two is very good," Cramer added.

Cramer mentioned that the combined entity has a "fantastic base" of both land and sea.

"I had always felt that GE was too much (deep) sea...Now you have a great technological solutions company that can really lower costs if you're drilling whether by land or by sea," he said.

"These are a good fit," Cramer contended.

GE will own 62.5% of the combined group, while Baker Hughes shareholders will hold 37.5%. Baker Hughes shareholders will also receive a special dividend of $17.50 per share.

"The Baker Hughes guys get a nice chunk of change as they should," Cramer stated.

"I think that this was a really smart deal," he added.

In other M&A news, CenturyLink (CTL) agreed to acquire telecom company Level 3 Communications (LVLT) this morning in a $34 billion deal, including debt.

"I was concerned about CenturyLink and its dividend," Cramer noted, saying that this deal will help the dividend.

(GE is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial.)

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on GE stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and notable return on equity.  The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: GE

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