Finance
Germany's Tk Elevator Says IPO Still on Table Amid Reports of Kone Deal
Published by Global Banking & Finance Review®
Posted on March 31, 2026
2 min readLast updated: March 31, 2026
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TK Elevator says its future path remains undecided, with an IPO still under consideration amid reports of takeover talks by Kone. A merger could create the largest elevator firm globally, though competitors like Schindler have pledged to oppose it.
TK Elevator Considers IPO as Reports Emerge of Merger Talks with Kone
Strategic Options and Industry Implications for TK Elevator
Current Status of TK Elevator's Strategic Decisions
BERLIN, March 31 (Reuters) - German lift maker TK Elevator said on Tuesday that no decision has been taken yet on its future course, with an initial public offering (IPO) remaining one of the strategic options.
Merger Talks with Kone
Bloomberg News reported this month that Finland's Kone was in talks to buy TK Elevator, citing sources familiar with the matter.
Potential Impact of a Merger
A merger between the two companies would create the world's largest lift maker, jumping ahead of current number one OTIS and second-largest Schindler.
Ownership and IPO Plans
Advent International and Cinven - the owners of TK Elevator - have been working on a planned IPO.
Market Volatility and Sale Considerations
However, recent volatility in equity markets has made a sale more appealing, according to the Bloomberg report.
Industry Reactions and Antitrust Concerns
The head of Swiss lift maker Schindler said last week that it would challenge any merger deal between rivals Kone and TK Elevator before antitrust authorities.
Background: TK Elevator's Ownership History
In 2020, Thyssenkrupp sold its elevator technology business - later renamed TK Elevator - for 17.2 billion euros to a consortium of bidders led by private equity firms Advent, Cinven and Germany's RAG foundation.
(Reporting by Andres Gonzales; Writing by Miranda Murray; Editing by Sonali Paul, Kirsten Donovan)
Key Takeaways
- •TK Elevator confirms no firm strategic decision yet, with an IPO still among its options. (investing.com)
- •Bloomberg reported Kone is in talks to buy TK Elevator, with the owners open to both an IPO and a potential sale. (investing.com)
- •A merger would produce the world’s largest lift maker—surpassing Otis and Schindler—prompting Schindler to signal antitrust challenges. (investing.com)
References
Frequently Asked Questions about Germany's TK Elevator says IPO still on table amid reports of Kone deal
1Is TK Elevator planning an IPO?
TK Elevator stated that an IPO is still one of the strategic options under consideration, with no final decision made yet.
2Are Kone and TK Elevator in merger talks?
There have been reports that Kone is in talks to acquire TK Elevator, but no official confirmation has been made.
3Who owns TK Elevator?
TK Elevator is owned by Advent International and Cinven, along with Germany's RAG foundation.
4Why might TK Elevator favor a sale over an IPO?
Due to recent volatility in equity markets, a sale has become more appealing to TK Elevator’s owners.
5What happened to Thyssenkrupp's elevator business?
Thyssenkrupp sold its elevator technology division, now called TK Elevator, in 2020 for 17.2 billion euros.
