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Corporate Score 72 Bullish

Kone Nears €29 Billion Acquisition of TK Elevator in Landmark Deal

Apr 28, 2026 20:25 UTC
KONE.HE
Short term

Finnish industrial leader Kone Oyj is finalizing a cash-and-stock agreement to acquire rival TK Elevator. The transaction is poised to be one of the largest private equity exits in European history.

  • Estimated valuation of €29 billion ($34 billion) including debt
  • Transaction structured as a cash-and-stock deal
  • Sellers include private equity firms Advent and Cinven
  • Announcement potentially expected by Wednesday
  • Represents one of the largest private equity exits in Europe

Kone Oyj is in the final stages of negotiating a deal to acquire TK Elevator, according to sources familiar with the matter. The proposed transaction is expected to be structured as a combination of cash and stock, signaling a massive expansion of the Finnish company's global footprint. The deal involves the divestment of TK Elevator by its current owners, private equity firms Advent and Cinven. If finalized, the acquisition will stand as one of the most significant private equity exits ever recorded in the European market, reflecting the scale of the industrial consolidation. The total valuation of TK Elevator is estimated at approximately €29 billion, or roughly $34 billion, a figure that includes the company's existing debt obligations. The parties are currently putting the final touches on the agreement. Market participants expect an official announcement as early as Wednesday. The merger would significantly consolidate the global elevator and escalator industry, positioning Kone as a dominant force in urban infrastructure and high-rise mobility across international markets.

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