Industrial pump manufacturer Gardner Denver Inc. has reached an agreement to be sold to Kohlberg Kravis Roberts & Co. for about $3.73 billion.

Under the agreement, Kohlberg Kravis, an investment firm based in New York, is set to acquire Garnder for $76 per share, representing a 3% premium over its closing stock price.

Board of Gardner has approved the deal but shareholders and regulators are yet to decide on whether or not they approve the sale.

Gardner Denver saw its share increased about 1% in premarket trading.

 The deal is valued by both parties at $3.9 billion including the assumption of debt.