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World's Largest Elevator Maker Set: Kone's TKE Deal Approved
3 Jun
Summary
- Finnish firm Kone's $34 billion acquisition of rival TK Elevator has shareholder approval.
- The approved deal is one of Europe's largest takeovers in years.
- Antitrust scrutiny is expected, potentially delaying the deal's closure.
Finnish elevator manufacturer Kone announced on June 3, 2026, that its shareholders have given the green light for the $34 billion acquisition of German competitor TK Elevator (TKE). This landmark deal, originally announced in April, is set to forge the globe's preeminent lift-making enterprise.
The acquisition, valued at 29.4 billion euros ($34.2 billion) including debt at its announcement, represents one of Europe's most substantial takeovers in recent times. It is also documented as the largest private equity divestment in Europe since 1980.
Shareholder approval, requiring a two-thirds majority, was effectively secured as major shareholders controlling approximately 74% of voting power had pre-committed to the transaction. However, the deal faces potential challenges.
Analysts foresee significant antitrust scrutiny due to the highly concentrated nature of the elevator market. Kone has indicated that the acquisition process could take an estimated 12 to 18 months to finalize, pending regulatory reviews.
Upon completion, the cash-and-shares transaction will elevate Kone above its U.S. rival Otis, establish a strong European champion in the sector, and enhance its footprint across the Americas. The ultimate financial value of the deal remains subject to fluctuations in Kone's share price.
