Finance
Kone in talks to acquire rival TK elevator, Bloomberg news reports
Published by Global Banking & Finance Review®
Posted on March 16, 2026
2 min readLast updated: March 16, 2026
Quick Summary
Kone is in advanced discussions to acquire fellow elevator maker TK Elevator, which had been preparing for an IPO. TK’s owners are seeking up to €25 billion including debt, with the deal possibly finalized within weeks amid volatile equity markets.
Kone Negotiates Acquisition of TK Elevator Amid IPO Uncertainty
Kone's Acquisition Talks and TK Elevator's IPO Plans
Background of the Negotiations
March 16 (Reuters) - Finnish lift maker Kone Oyj is in talks to buy TK Elevator, which has been preparing for an initial public offering, Bloomberg News reported on Monday, citing people familiar with the matter.
Valuation and Transaction Details
TK Elevator's owners have been seeking a valuation of as much as 25 billion euros ($28.74 billion) including debt in any transaction, the report added.
Timeline and Parallel Strategies
Kone aims to reach a deal as soon as the coming weeks, the report said, adding that TK Elevator's owners are continuing work on a potential listing alongside negotiations about a sale.
Market Volatility and Ownership Decisions
IPO Considerations Amid Market Changes
According to the Bloomberg report, Advent International and Cinven, the owners of TK Elevator have been working on a planned IPO, but recent volatility in equity markets has made the owners more open to a potential sale instead.
Responses from Stakeholders
Cinven, Advent and TK Elevator declined to comment on the report when contacted by Reuters, while Kone did not immediately respond.
Previous IPO Plans and Valuation Estimates
Potential U.S. Listing
Reuters reported last year that TK Elevator's owners were weighing the United States as a location for a potential initial public offering. Sources had told Reuters at the time that the business would likely be valued at more than 20 billion euros.
Currency Conversion
($1 = 0.8700 euros)
Reporting Credits
(Reporting by Heera Hari in Bengaluru; Editing by Maju Samuel and Shailesh Kuber)
Key Takeaways
- •Kone aims to strike a deal in the coming weeks to buy TK Elevator even as the latter continues IPO preparations; valuation sought is up to €25 billion including debt (omniekonomi.se).
- •TK Elevator’s private equity owners—Advent and Cinven—have been exploring a US IPO valued above €20 billion, but recent market volatility has made a sale more appealing (omniekonomi.se).
- •A merger would significantly reshape elevator industry dynamics in Europe, triggering potential antitrust scrutiny given the combined market share of the Big 4—including Kone and TK—reaches over 50% in many markets (businesswire.com).
References
Frequently Asked Questions about Kone in talks to acquire rival TK Elevator, Bloomberg News reports
1Who is in talks to acquire TK Elevator?
Finnish lift maker Kone Oyj is in talks to acquire TK Elevator.
2What is the potential valuation of TK Elevator in the transaction?
TK Elevator's owners are seeking a valuation of up to 25 billion euros, including debt.
3Why might TK Elevator choose a sale over an IPO?
Recent equity market volatility has made TK Elevator's owners more open to a potential sale instead of a public offering.
4Who currently owns TK Elevator?
TK Elevator is owned by Advent International and Cinven.
5What progress has been made on a potential deal?
Kone aims to reach a deal in the coming weeks, but TK Elevator's owners are also preparing for a possible IPO.
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