GE said as per the deal, Wellstream shareholders would receive 780 pence in cash and a special dividend of 6p per Wellstream share.
Shares of Wellstream closed at 747p on Friday on the London Stock Exchange.
The deal will also help enhance GE's ability to capitalise on growth in Brazil, Africa and Asia, the company said in a statement.
The Wellstream deal will further extend GE's reach into the floating production, storage and offloading offshore segment, the company said.
Wellstream reported a sales backlog of £250m as of November 16, GE said.