Finland’s Kone to buy German rival TK Elevator in blockbuster $34.4 billion deal
Finland's Kone has agreed to acquire German elevator company TK Elevator in a $34.4 billion cash and share deal, creating the world's largest elevator manufacturer. The merger is expected to generate annual synergies of 700 million euros and has secured support from major Kone shareholders. The deal may face antitrust scrutiny, as competitors like Schindler have indicated they may challenge the transaction.
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Finland's Kone has agreed to buy German rival TK Elevator in a deal valued at 29.4 billion euros ($34.4 billion), marking one of Europe's biggest takeover agreements in recent years.The cash and share agreement, which had been rumored in recent days, would create the world's largest elevator maker, overtaking rivals such as U.S.-based Otis and Switzerland's Schindler. Kone said the deal would result in estimated synergies of 700 million euros on an annual run-rate basis."For over a century, both KONE and TKE have successfully developed their businesses, in tandem with an urbanizing world.
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