Finland’s Kone to buy German rival TK Elevator in $34.4 billion deal
Microsoft Corp. at the Hannover Messe 2026 trade fair in Hannover, Germany, on Monday, April 20, 2026. A TK Elevator (TKE) elevator displayed at its stand.
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Finland’s Kone has agreed to buy German rival TK Elevator in a deal worth 29.4 billion euros ($34.4 billion), making it one of Europe’s biggest takeover deals in recent years.
Cash and share agreement rumor It would create the world’s largest elevator manufacturer, leaving behind rivals such as US-based Otis and Swiss Schindler.
Kone in question The agreement will result in synergies of an estimated €700 million on an annual basis.
“For over a century, both KONE and TKE have successfully developed their businesses in parallel with an urbanizing world. By merging, we are laying the foundations of an even more innovative company that is well positioned for long-term success,” Kone CEO Philippe Delorme said in a statement. he said.
Kone shareholders, who own just over 40% of all outstanding shares and about 74.3% of the total votes, agreed to support the deal, the company said.
TK Elevator CEO Uday Yadav, while welcoming the announcement, said the two companies shared “deep respect”.
“Together we will bring the best of both companies to our customers, our employees and the cities we serve. The best of our story lies ahead,” said Yadav.
Following the news, shares of German steel company Thyssenkrupp rose 14%. TK Elevator was separated from Thyssenkrupp in 2020 and became an independent company. Private equity companies Advent and Cinven purchased TK Elevator for approximately 17 billion euros at that time.
Proposed merger with Schindler expected to undergo industry review I tell Reuters It said late last month that it was ready to challenge such a deal before antitrust authorities.
