Home / Business and Economy / Kone Nears Mega-Deal for Rival TK Elevator
Kone Nears Mega-Deal for Rival TK Elevator
29 Apr
Summary
- Kone is reportedly close to acquiring TK Elevator for €29 billion.
- This deal would be one of Europe's largest takeovers in recent years.
- TK Elevator was previously sold to private equity for €17 billion in 2020.
Finnish lift manufacturer Kone is reportedly on the verge of finalizing a €29 billion acquisition of its rival, TK Elevator. This potential deal stands as one of Europe's largest takeovers in recent years and could be announced as soon as Wednesday.
The planned transaction marks a significant exit for private equity owners Advent and Cinven, who purchased the German lift maker for €17 billion from Thyssenkrupp in 2020. TK Elevator has been exploring its options, including a potential initial public offering later this year, alongside a possible sale.
TK Elevator generated approximately €9.2 billion in revenues up to the end of September. Its chief executive highlighted the growing demand for elevators due to aging populations globally. With 22 million lifts worldwide, 30% are over 20 years old and may require refitting.
