Investing.com -- Ecolab shares declined more than 2.4% on Thursday following reports that the company is close to finalizing a deal to purchase data-center cooling company CoolIT Systems from KKR.

According to the Wall Street Journal, the acquisition is valued between $4.5 billion and $5 billion. An announcement could come as early as next week, though cautioned that the deal has not yet been completed, the report added.

The reported purchase price represents a significant increase from CoolIT's approximately $270 million valuation when KKR acquired a majority stake in the company in 2023. Abu Dhabi's sovereign-wealth investor Mubadala currently holds a minority stake in the business.

CoolIT manufactures liquid-cooling systems designed for use in data centers. The company initially focused on producing cooling technology for gaming computers before shifting its focus to support artificial intelligence infrastructure.