Big elevator deal: Kone buys German competitor TK Elevator for 29.4 billion euros

According to the agreement, payment will be made partly in cash and partly in Kone shares.

Sellers of Düsseldorf-based TK Elevator are Advent and Cinven.

With TK Elevator in the group, Kone gains a significantly stronger position in the North American market.

Together, the companies have over 100,000 employees in more than 100 countries. The plan is to retain Kone CEO Philippe Delorme and have him lead the group from Helsinki.

The deal must be approved by competition authorities before it can be completed.