WSJ : Gardner Denver Nears Deal To Merge With Ingersoll-Rand

(RTTNews) - Gardner Denver Holdings Inc. (GDI), a provider of mission-critical flow creation and compression equipment, is nearing a deal to merge with a division of Ingersoll-Rand Plc (IR), to create a business that would have an enterprise value of about $15 billion, including debt, the Wall Street Journal reported citing people familiar with the matter.

The deal, which could be announced as soon as this week, would involve a mixture of cash and stock for Ingersoll shareholders, the report said.

The Journal also reported that the deal would combine Gardner Denver's broad range of compressor, pump, vacuum and blower products and services with the part of Ingersoll-Rand that makes similar tools and systems as well as equipment for lifting and material handling, and golf carts. The deal would be structured as a so-called Reverse Morris Trust, a tax efficient way for companies to sell off a division. Ingersoll shareholders are expected to own just over half of the new company, the report said.