KONE’s €29.4bn acquisition of TK Elevator sets stage for a new giant in vertical transport
Finland’s KONE has agreed to buy German rival TK Elevator (TKE) in a cash-and-share transaction that would create the world’s largest elevator and escalator company by sales, underlining the relentless consolidation in an industry central to global urbanisation. Announced on 29 April 2026, the deal values TKE at an enterprise value of €29.4bn ($34.4bn), including debt. KONE will pay €5bn in cash and issue up to 270 million new class B shares, worth approximately €15.2bn at the reference price, to the consortium led by private equity firms Advent International and Cinven. The sellers, through their holding company, will end up…