Elevator manufacturer Kone buys TK Elevator

The transaction values the former elevator division of Thyssenkrupp at 29.4 billion euros including debt, as the parties announced. The takeover is to take place in cash and new Kone shares, according to the announcement. Completion is expected in the second quarter of 2027 at the earliest.

The merger would almost double Kone's size. The new company with more than 100,000 employees would have an annual turnover of around 20.5 billion euros. "Together, we would offer the best of both companies to our customers, our employees and the cities in which we operate," said TKE CEO Uday Yadav. "The best part of our story is still ahead of us."

Until 2020, TKE belonged to the industrial group Thyssenkrupp, which then sold a majority stake in the company to Cinven and Advent for 17.2 billion euros. Thyssenkrupp still holds a stake in TKE. The company has now announced that it is examining the effects on its own shareholding. Thyssenkrupp shares rose significantly on the stock exchange.

Kone had already attempted to take over TK Elevator with the help of financial investor CVC, but was unsuccessful.