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Welding and valve maker Colfax (CFX - Get Report) is reportedly nearing a deal to sell its air and gas handling division to private-equity firm KPS Capital Partners for more than $1.8 billion.

Citing people familiar with the matter, Reuters reported that the sale could be announced as soon as this week. Representatives for Colfax and KPS didn't respond to a request from Reuters for comment.

Colfax, based in Annapolis Junction, Maryland, makes valves and welding equipment. It has a market capitalization of $3.18 billion, according to data compiled by Bloomberg.

The company recently acquired DJO Global Inc. from private-equity giant Blackstone Group (BX - Get Report) for $3.15 billion in cash to gain a foothold in the market for orthopedics devices.

A sale of its air and gas unit to KPS would help pay down debt from the DJO Global purchase, according to Reuters.