KKR & Co LP had been nearing a deal to acquire Crosby Group LLC, according to two sources familiar with the matter. The sources went on saying that the transaction was valued approximately USD1 billion.

Crosby Group is a unit of British engineering firm Melrose Industries Plc. The acquisition deal for the lifting equipment company was close to being finalized and could be announced on Monday or even earlier, said sources who spoke in condition of anonymity as the talks were held private in nature.

According to a Melrose representative, "As previously announced, the Crosby sale process is under way and we remain in discussion with a number of interested parties." Spokesperson for KKR did not immediately respond when asked to comment regarding the report.

Oklahoma based Crosby Group had been working with JP Morgan Chase on the process of the sale, said people familiar with the sale last July.