Chart Industries (GTLS) and Flowserve (FLS) are expected to merge in an all-stock deal valued at about $19 billion, The Wall Street Journal reported Wednesday, citing people familiar with the matter.

The merger could be announced as soon as Wednesday, the sources said.

Chart Industries shareholders will receive 3.165 shares of Flowserve for each Chart share they own, according to the report.

Upon closing, Chart Industries shareholders will own 53.5% of the combined company, while Flowserve shareholders will own 46.5%, on a fully diluted basis, the people told WSJ.

Flowserve Chief Executive Scott Rowe is anticipated to become the combined company's CEO, while Chart Industries CEO Jill Evanko will serve as the board chair, the report said.

Chart shares were 1.5% lower in premarket trading, while Flowserve was down 2.6%.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)