Story perspectives

Thyssenkrupp Eyes €3.4 B Gain from Kone Deal

4/29/2026

Summary

Thyssenkrupp Evaluates Deal

Thyssenkrupp is evaluating Kone’s $34.4 billion purchase of TK Elevator, a deal that could bring Thyssenkrupp up to €3.4 billion.
Analysts say Thyssenkrupp’s share could equal nearly two-thirds of its market capitalisation.
The deal would give Kone a 5.5% stake through up to €2.46 billion of new shares and provide TK Elevator shareholders €5 billion, equating to €810 million for Thyssenkrupp’s 16.2% stake.
Thyssenkrupp shares rose 7.5% to 1437 GMT after the announcement.

Summary

Kone Acquires Rival

Kone is acquiring a rival elevator maker, merging two major players to tap long-term maintenance contracts.
The €29.4 billion deal includes €5 billion cash and up to 270 million new class B shares, diluting existing shareholders.
The seller is a private-equity consortium led by Advent and Cinven, exiting the elevator market.
Kone’s shares fell more than 3 % on the announcement day, reflecting dilution and integration risk.

Summary

Herlin Secures Control

Antti Herlin, Kone chairman, agreed to buy €1 billion of new shares, securing over 50 % voting control of the merged company.
The shares will be held by Vertical Topco, owned by Advent International, Cinven, Thyssenkrupp and investors.
Kone withdrew a €17 billion offer for TK Elevator six years ago over antitrust concerns and an advance-payment demand, after which it became independent when Thyssenkrupp sold its elevator business for €17.2 billion in 2020.

Summary

KONE Secures Deal

The acquisition is the largest corporate deal ever recorded in Finland.
The merged group will be headquartered in Finland, led by KONE’s French chief executive Philippe Delorme, and will employ over 100,000 people in 100 countries, generating €20.5 billion in revenue.
Management projects annual synergies of about €700 million and expects an investment-grade credit rating and strong cash flow.
The transaction is slated for 2027, pending regulatory and shareholder approval.

History

Historical Context

In 1999 the European Commission blocked Kone’s merger with rival Schindler, saying the combined firm could control about 30 % of Europe’s elevator market, worth €1.5 billion annually. The move followed a €992 million EU fine on Kone and three other lift makers for price-fixing from 1995-2004. Those precedents now guide scrutiny of Kone’s €29.4 billion TK Elevator purchase.

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Thyssenkrupp Evaluates Deal

Thyssenkrupp is evaluating Kone’s $34.4 billion purchase of TK Elevator, a deal that could bring Thyssenkrupp up to €3.4 billion.
Analysts say Thyssenkrupp’s share could equal nearly two-thirds of its market capitalisation.
The deal would give Kone a 5.5% stake through up to €2.46 billion of new shares and provide TK Elevator shareholders €5 billion, equating to €810 million for Thyssenkrupp’s 16.2% stake.
Thyssenkrupp shares rose 7.5% to 1437 GMT after the announcement.

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