Finland's Kone to Buy German Rival TK Elevator For Around $24 Billion -- Update

Dow Jones04-29

By Dominic Chopping

Finland's Kone agreed to buy German rival TK Elevator for around $23.66 billion from a consortium led by private-equity firms Advent and Cinven in a deal that would create the world's biggest elevator maker by sales.

Under the deal, Kone will pay the consortium around 5 billion euros in cash and up to 270 million newly issued Kone shares, which currently have a total value of around 15.2 billion euros.

Including debt, the deal values TK Elevator at around 29.4 billion euros.

The combined group will be headquartered in Finland and generate annual sales of around 20.5 billion euros, employing more than 100,000 people, Kone said.

In 2025, elevator giant Otis Worldwide posted sales of $14.4 billion, while Schindler Holding's sales came in at $13.9 billion.

Annual synergies from the deal are seen at 700 million euros.

"This combination would meaningfully enhance our ability to meet customers' growing demand for reliable and sustainable solutions and services in a rapidly evolving environment," said Kone Chief Executive Philippe Delorme.

"It would also accelerate our strategic shift to service and modernization, reinforcing our resilience."

TK Elevator became an independent company following its separation from Thyssenkrupp in 2020.

Kone CEO Delorme, Chief Financial Officer Ilkka Hara and Chairman Antti Herlin would take on their respective positions in the new combined group.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 29, 2026 03:12 ET (07:12 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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