Finnish elevator manufacturer Kone is nearing a deal to acquire Germany's TK Elevator for 29 billion euro, equivalent to 315 billion Swedish kronor, including debt. Bloomberg News reports the development, citing sources familiar with the matter. Media reports had previously circulated regarding a potential transaction.
An official announcement is expected on Wednesday.
Kone would reportedly pay through a combination of cash and shares to the sellers, private equity firms Advent and Cinven. The transaction could rank among the largest private equity exits ever recorded in Europe, according to Bloomberg.
Advent and Cinven declined to comment, while Kone and TK Elevator have not yet responded to inquiries, the news agency noted.
TK Elevator employs over 50,000 people and generates annual revenue of approximately 9.2 billion euro. Its current owners acquired the company in 2020 for 17.2 billion euro from the industrial conglomerate giant Thyssenkrupp.
Kone Oyj is one of the world's leading manufacturers of elevators, escalators and automatic doors. The group also offers equipment installation, updating, and maintenance services. Net sales break down by activity as follows:
- installation, maintenance and repair services (42.3%);
- sale of equipment (36.4%): automatic doors, elevators, escalators, moving walkways and access control;
- modernization services (21.3%).
At the end of 2025, the group had 10 production sites worldwide.
Net sales are distributed geographically as follows: Europe (40.2%), Americas (25%), China (19.3%) and Asia/Pacific/Middle East/Africa (15.5%).
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