News & Updates » Gardner Denver enters into a deal to merge with Ingersoll Rand
Gardner Denver enters into a deal to merge with Ingersoll Rand
4 May 2019
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, as per reports published this Sunday.
Both firms make pumps and compressors, although Ingersoll produces other industrial and consumer products as well.
The deal would create the world's second-largest manufacturer of industrial pumps and compressor.
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.
Ingersoll shareholders are expected to own just over half of the new company. Existing Ingersoll-Rand shareholders will receive 50.1 percent of the shares of the newly formed company.
Gardner Denver Chief Executive Vicente Reynal would lead the merged company and comprise executives from both companies.
Ingersoll’s climate segment, Trane and Thermo King brand of heating, air conditioning and transport refrigeration systems businesses, would not be part of the deal.