economy
Finland's Kone to buy German rival TK Elevator in blockbuster $34.4 billion deal
The combination would create the world's largest elevator maker and marks one of Europe's biggest takeovers in recent years.
TL;DR
- Kone is set to acquire German rival TK Elevator for 29.4 billion euros ($34.4 billion).
- The combined entity will become the world's largest elevator maker.
- The deal is expected to yield annual synergies of 700 million euros.
- Kone shareholders holding over 40% of shares and 74.3% of votes support the acquisition.
- TK Elevator was previously separated from Thyssenkrupp in 2020 and sold to private equity firms.
- Rival Schindler has indicated readiness to challenge the deal before antitrust authorities.