Industrial machinery maker Gardner Denver Holdings Inc is nearing a deal to merg...
FILE PHOTO - Vicente Reynal, CEO of Gardner Denver, rings a ceremonial bell to celebrate his company's IPO on the floor of the New York Stock Exchange in New York, U.S., May 12, 2017. REUTERS/Brendan McDermid
- Industrial machinery maker Gardner Denver Holdings Inc is nearing a deal to merge with a division of Ingersoll-Rand Plc, creating a business that would have an enterprise value, including debt, of about $15 billion, The Wall Street Journal reported on Sunday. The deal, which could be announced as soon as this week, would involve a mixture of cash and stock for Ingersoll shareholders, the WSJ said, citing sources.
The deal would be structured as a so-called Reverse Morris Trust, a tax-efficient way for companies to sell off a division, and Ingersoll shareholders are expected to own just over half of the new company.Gardner Denver, part-owned by private-equity firm KKR & Co Inc, did not immediately respond to a request for comment. Ingersoll-Rand declined to comment on the deal.
Ingersoll’s climate segment, which includes its heating, ventilation and air- and temperature-controlled transport businesses, would not be part of the deal, the WSJ said.
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