A deal announcing the merger of North Carolina-based pump manufacturer Gardner Denver Holdings  (GDI) - Get Report  with part of Ingersoll-Rand (IR) - Get Report could come as soon as this week, according to a report in The Wall Street Journal.

Both firms make pumps and compressors, although Ingersoll produces other industrial and consumer products as well.

Precise terms of the deal weren't mentioned in the report but it did state that Ingersoll shareholders would own half of Gardner Denver when the deal goes through. Gardner Denver is now partly owned by private-equity concern KKR & Co. The deal would create the world's second-largest manufacturer of industrial pumps and compressor.

Gardner Denver is valued at around $5.8 billion and the new division is likely to have an enterprise value of around $15 billion including debt obligations, the report said.

Shares of Gardner Denver were jumping 14.5% to $32.12 in trading Monday.

Constable owns none of the securities listed in this story.