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Kone to Acquire TK Elevator for €29.4 B, Becomes Largest Elevator Maker

4/29/2026

Summary

Story summary

Kone of Finland agreed to buy Germany’s TK Elevator for 29.4 billion euros, creating a combined firm with over 100,000 employees.
The combined firm would become the world’s largest elevator manufacturer, overtaking U.S. rival Otis.
Kone shareholders controlling about 74 percent of votes have approved the transaction.
Schindler will challenge the merger before antitrust authorities.
Kone estimates the combination will generate about 700 million euros of annual cost savings.

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Story summary

Kone of Finland agreed to buy Germany’s TK Elevator for 29.4 billion euros, creating a combined firm with over 100,000 employees.
The combined firm would become the world’s largest elevator manufacturer, overtaking U.S. rival Otis.
Kone shareholders controlling about 74 percent of votes have approved the transaction.
Schindler will challenge the merger before antitrust authorities.
Kone estimates the combination will generate about 700 million euros of annual cost savings.