[ad_1]
FILE PHOTO – Vicente Reynal, CEO of Gardner Denver, rings a ceremonial bell to celebrate the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, United States on the 12th May 2017. REUTERS / Brendan McDermid
(Reuters) – Industrial machinery maker Gardner Denver Holdings Inc. is about to merge an agreement with a division of Ingersoll-Rand Plc, creating a company that would have a business value, including debt, of about $ 15 billion, reported the Wall Street Journal. Sunday.
The deal, which could be announced as early as this week, would involve a mix of cash and stock for Ingersoll shareholders, said the WSJ, citing sources.
The transaction would be structured as a Reverse Morris Trust, a tax-efficient way for businesses to sell a division, and Ingersoll's shareholders would own just over half of the new company.
Gardner Denver General Manager Vicente Reynal will head the merged company, the newspaper said.
Gardner Denver, partly owned by private equity firm KKR & Co Inc., did not immediately respond to a request for comment. Ingersoll-Rand declined to comment on the agreement.
The Ingersoll climate segment, which includes its heating, ventilation and temperature-controlled air transport operations, will not be part of this agreement, the WSJ said.
Report by Rishika Chatterjee in Bengaluru; Edited by Peter Cooney
Source link
