TK Elevator Acquired by Kone | Industrials M&A Deal

Kone has acquired TK Elevator, a elevator mechanical business in Germany, for $34.4 billion. Kone acquisitions combine with TK Elevator’s installed base and manufacturing capabilities for elevators and related modernization services, strengthening industrials M&A in Europe. The merger acquisition creates a larger elevator mechanical platform with scale across German operations and broader European demand. Kone acquires TK Elevator through a strategic acquisition and expects annual run-rate synergies of 700 million euros, supported by Kone shareholders holding about 40% of shares and 74.3% of votes. The cash-and-share TK Elevator acquisition is announced and structured as a merger acquisition to position the combined group against Otis and Schindler.