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Ingersoll-Rand Buys Trane For $10.1 Billion

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Ingersoll-Rand Co. will acquire Trane Inc. in a $10.1 billion deal that would create one of the world's largest makers of air conditioners, the two companies announced Monday.

Trane shares jumped more than 23 percent, or $8.61, to $45.81 at the open of trading. Ingersoll-Rand shares fell $3.32, or 6.75 percent, to $45.86.

The deal gives Ingersoll-Rand, which makes Thermo King refrigerated trucks, access to Trane's building and transportation cooling systems.