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Kone to buy rival TK Elevator in $34.4 billion deal

Published by Global Banking & Finance Review

Posted on April 29, 2026

1 min read

· Last updated: April 29, 2026

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Kone to buy rival TK Elevator in $34.4 billion deal
Finance Banking Markets

Kone Acquires TK Elevator for $34.4 Billion, Forming Largest Lift Maker

Historic Acquisition in the Elevator Industry

Deal Overview and Financial Details

HELSINKI, April 29 (Reuters) - Finnish lift maker Kone said on Wednesday it had agreed to buy its German rival TK Elevator in a transaction valued at 29.4 billion euros ($34.40 billion), which would create ​the world's largest lift maker.

Significance of the Acquisition

The deal with private equity firms Advent International and Cinven marks one of Europe's biggest takeovers this year and is also the highest valued company takeover in Finnish history.

Synergies and Strategic Impact

Planned Synergies

The combination would result in planned synergies estimated to be approximately 700 million euros on an annual run-rate basis, Kone said.

CEO Statement

Enhancing Customer Solutions

"This combination would meaningfully enhance our ability to meet customers’ growing demand for reliable and sustainable solutions and services," Kone CEO Philippe Delorme said in a statement.

Additional Information

($1 = 0.8546 euros)

(Reporting by Anne Kauranen in Helsinki, editing by Terje Solsvik and Essi Lehto)

Key Takeaways

  • The deal, involving TK Elevator’s private equity owners Advent International and Cinven, marks the largest takeover in Finnish history and one of Europe’s biggest this year
  • Kone anticipates approximately €700 million in annual synergies, bolstering its ability to meet rising demand for reliable and sustainable lift solutions
  • TK Elevator had previously been valued at €25–29 billion including debt amid advanced talks and IPO consideration, highlighting its strong recurring-service business and strategic appeal

Frequently Asked Questions

Who is acquiring TK Elevator?
Kone, a Finnish lift manufacturer, is acquiring its German rival TK Elevator.
What is the value of the Kone and TK Elevator deal?
The deal is valued at 29.4 billion euros, or approximately $34.4 billion.
Who are the sellers of TK Elevator?
The sellers are private equity firms Advent International and Cinven.
How much in planned synergies is Kone estimating?
Kone estimates approximately 700 million euros in annual run-rate synergies.
What is the significance of this acquisition for Kone?
The acquisition will make Kone the world's largest lift maker and marks the biggest company takeover in Finnish history.

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