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