GE (GE) is buying Smiths Aerospace, a unit of U.K.-based Smiths Group, for $4.8 billion in cash.

GE announced the deal in a press release early Monday.

Smiths Aerospace supplies integrated systems to airplane makers and components for engine builders.

The deal is subject to review by regulators and to approval by shareholders of Smiths Group, which is listed on the London Stock Exchange.

"This acquisition is consistent with our strategy to invest in high-technology infrastructure businesses that deliver strong growth, earnings expansion and higher margins," said Jeff Immelt, GE's CEO, in the press release. "GE Aviation is growing about 10% a year and this acquisition gives us a technology growth platform that will be accretive to our net income and will deliver immediate and future value for our investors."

Smiths Aerospace has more than 11,000 employees and had $2.4 billion in revenues in 2006, according to GE.

GE shares lost 3 cents Friday to close at $37.89. U.S. markets were closed Monday in observance of Martin Luther King's birthday.

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