Europe · Business news · Corporate · 29 Apr 2026
EU Industrials
Finland's Kone agreed to buy German rival TK Elevator from a consortium including private equity firms Advent and Cinven in a deal valued at €29.4 billion. The sellers receive €5 billion in cash plus 270 million new Kone shares worth about €15.2 billion, leaving them with 33.8% of the enlarged group. The combination would have about €20.5 billion of revenue and more than 100,000 employees, with €700 million of targeted annual synergies. Kone is aiming for an investment-grade rating and expects the deal to close in 2027.
The deal concentrates the global elevator and escalator market, so competition reviews are the main hurdle and listed rivals Otis and Schindler are the companies most directly affected by changes in pricing power or by any businesses sold as remedies. Kone shareholders face dilution from 270 million new shares and higher debt to fund the cash portion. For Advent and Cinven it is a large exit into listed equity instead of a stand-alone TKE IPO.
Reported by Euronews — “Mega elevator deal: Finnish lift maker Kone acquires German rival TKE in €29.4bn deal” ↗ on 29 Apr 2026.
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