Bloomberg: Kone wants to buy TK Elevator in the coming weeks – the owners estimate the price at 25 billion euros

Elevator company Kone is in talks with a German elevator company TK Elevator about buying, financial media Bloomberg writes, citing anonymous sources familiar with the subject.

Kone has previously been reported to be considering making an offer for the company. Previously, there was no news that discussions about the trade were ongoing. And not about the details of the deal.

The following information is based on Bloomberg’s anonymous sources.

According to Talousmedia, Kone is making an offer for TK Elevator, where part of the purchase price would be paid in cash and part in shares. The owners of TK Elevator have estimated the value of the company at 25 billion dollars.

The market value of the machine is 29.8 billion euros on the Helsinki stock exchange.

Kone would like to conclude the deal “in the coming weeks”, but the owners of TK Elevator continue to investigate the possibility of a listing in addition to the sale.

There has been turbulence in the stock market because of the war of aggression started by the United States and Israel in Iran. Turbulence has made TK Elevator’s owners take a more open approach to the sale of the company than before, writes Bloomberg citing its sources.

According to sources, the completion of the deal is not certain. TK Elevator’s owners, Kone and TK Elevator, did not give Bloomberg comments on the matter.

Kauppalehti tried to get a comment from Kone on the subject, but the company’s representatives did not comment or answer calls. Generally, listed companies do not comment on issues related to potential transactions.

The deal was not made in 2020

Kone has been pursuing TK Elevator for a long time. The company wanted to buy the business Thyssenkruppilta in 2020, but the German industrial giant sold the business to a private equity investor Advent Internationalille and Cinvenille with 17.2 billion euros.

Capital investors still own the company. In addition, Saudi Arabia’s state fund Alat has joined with a 15 percent stake in the company. TK Elevator was valued at EUR 23 billion in the deal, Bloomberg reported at the time.

One of the concerns of the Thyssenkrupp board was the position of the competition authorities on the deal in 2020. If Kone had received the Thyssenkrupp elevators, it would have become larger than the one known for its Otis elevators United Technologies this Schindler.

Member of the latter’s board Alfred Schindler commented at the time to the Reuters news agency that they do not accept being driven out of the market. He threatened to file lawsuits against Kone if the deal went through.

According to TK Elevator’s website, the company’s turnover was 9.2 billion euros and adjusted operating profit was 1.4 billion euros in the fiscal year 2025. The numbers for the machine were 11.2 billion and 1.4 billion euros.