FINLAND: Shareholders of Finland’s elevator and escalator manufacturer KONE Corporation have approved a proposed $34.4 billion (€29.4 billion) takeover of German rival TK Elevator (TKE), clearing a major hurdle for one of the largest deals in the industry, according to company statements and market reports.
The agreement involves KONE acquiring TK Elevator from a consortium led by private equity firms Advent International and Cinven, in a cash-and-share transaction that will significantly expand the Finnish company’s global footprint and position it among the world’s largest vertical transportation manufacturers.
Under the deal structure, TKE shareholders are set to receive a combination of cash and newly issued KONE shares, while the combined entity is expected to generate annual revenues exceeding €20 billion and employ more than 100,000 people worldwide.
The acquisition, first announced earlier this year, is projected to deliver substantial cost synergies over the coming years, while also strengthening KONE’s presence in key markets such as the Americas, where TK Elevator maintains a strong service and maintenance network.
The transaction still requires regulatory approvals in multiple jurisdictions and is expected to be completed in 2027, subject to antitrust review.
The deal has drawn close industry attention, as it would create a global leader in the elevator and escalator sector, surpassing competitors in scale and market reach.