Finnish elevator company Kone Oyj is considering the possibility of acquiring rival German TK Elevator GmbH. This is reported by foreign media.
Kone has engaged consultants to evaluate the proposed deal to buy out some or all of the assets of the former Thyssenkrupp AG (thyssenkrupp Elevator) unit in partnership with other companies in order to avoid antitrust issues, given the duplication of operations in Europe. Kone intensified its efforts after the decision of Advent and Cinven investment companies, as owners of TK Elevator, to begin preparations for an IPO.
Kone has long been interested in acquiring TK Elevator and, together with CVC Capital Partners Plc, submitted an offer to TK Elevator in 2020. Then both companies declined to participate, and Advent and Cinven won the bidding, concluding a deal worth 17.2 billion euros ($20.4 billion). In 2025, a division of the Saudi Arabian sovereign wealth fund entered into an agreement to acquire a stake in TK Elevator for 23 billion euros, including debt.
TK Elevator is one of the largest manufacturers and service providers of elevator equipment. The company manufactures passenger and freight elevators, escalators and sidewalks, passenger bridges, stair and platform lifts, and is engaged in the maintenance and modernization of installations. The headquarters is located in Dusseldorf (Germany). The staff includes 50 thousand people. Sales in 2024 amounted to 9.3 billion euros.
Kone Oyj is a Finnish multinational elevator construction company with over 60,000 employees in 60 countries. The headquarters is located in Helsinki (Finland) with an office in Espoo (Finland). The market value is about 29.6 billion euros.
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