Finland's Kone to buy German rival TK Elevator for €29.4bn

29th Apr 2026 12:45

(Sharecast News) - Finnish lift maker Kone said on Wednesday that it has agreed to buy German rival TK Elevator for €29.4bn.

Kone said the cash and share deal will lead to "substantial" value creation from realised synergies, estimated to be about €700m on an annual run-rate basis, benefitting customers and shareholders alike.

Kone will pay €5bn in cash and a maximum share consideration of 270m newly-issued shares, valued at €15.2bn.

The company's president and chief executive, Philippe Delorme, said: "This combination would meaningfully enhance our ability to meet customers' growing demand for reliable and sustainable solutions and services in a rapidly evolving environment, while creating a stronger, more diverse global team grounded in the combined expertise of both organisations.

"It would also accelerate our strategic shift to service and modernization, reinforcing our resilience. Together, we aim to shape the future of urban mobility to the benefit of our people, our customers and our shareholders."

Private equity firms Advent and Cinven bought TK Elevator from German industrial engineering and steel company Thyssenkrupp in 2020 for €17.2bn.