Kone Nears €29 Billion Acquisition of TK Elevator in Record European Private Equity Exit

Finnish elevator giant Kone Oyj is finalizing terms on a €29 billion deal to acquire TK Elevator from private equity firm Advent International, according to sources with direct knowledge of the negotiations. The transaction, if completed, would represent one of the largest private equity exits in European history and reshape the global elevator and escalator industry landscape. The deal structure reportedly combines cash and Kone stock, allowing Advent—a Boston-based buyout firm—to exit an investment made during a period of heightened sector consolidation.

TK Elevator, formerly part of thyssenkrupp AG before Advent acquired it in a €17.2 billion transaction in 2020, has operated as an independent entity under private ownership for nearly five years. Kone, headquartered in Espoo, Finland, has long competed with rivals Schindler Group and Otis Worldwide in the capital-intensive elevator services market. Combining Kone's new equipment business with TK Elevator's extensive maintenance and modernization portfolio would create a global leader with unmatched scale across installation, service, and digitalization capabilities. Regulatory scrutiny is anticipated, given the combined entity's dominant market position across multiple regions.

The deal underscores continued appetite among industrial conglomerates for consolidation within specialized infrastructure services, a sector that generates predictable recurring revenue through maintenance contracts. Advent's exit would mark a significant milestone for the private equity industry in Europe, where large-scale exits have faced headwinds from elevated interest rates and uncertain deal pipelines. Final terms remain subject to negotiation, and the companies have not officially confirmed the discussions.