Overview
- Kone announced Wednesday it will buy TK Elevator for €29.4 billion including debt, a move that would form the world’s biggest elevator and escalator company.
- The offer includes €5 billion in cash and new Kone shares valued at about €15.2 billion, and Kone will assume TK Elevator’s borrowings.
- After closing, Advent and Cinven would hold about 33.8% of shares with 18.3% of voting rights, while Kone chair Antti Herlin keeps majority control through dual‑class votes.
- Kone projects about €700 million in yearly pre‑tax cost savings and says the combined group would generate roughly €20.5 billion in revenue, with about two‑thirds from service on 3.2 million units.
- The announcement drew fast reactions as Thyssenkrupp’s stock jumped sharply on its residual 16% stake, while Germany’s IG Metall condemned the lack of prior worker consultation and demanded an extraordinary supervisory board meeting.