The original article is written and published on Elevator Magazine in Vietnamese, then translated into English by an AI platform – and published on Elevator Magazine. However, Elevator Magazine is not responsible for any translation by the Google Translate.The original article is written and published on Elevator Magazine in Vietnamese, then translated into English by an AI platform – and published on Elevator Magazine. However, Elevator Magazine is not responsible for any translation by the Google Translate.
According to Finnish media, this is the largest corporate acquisition ever executed in Finland.
According to a press release issued by Kone on April 29, 2026, KONE and a consortium led by Advent and Cinven (the owners of TKE), through the jointly controlled holding company Vertical Topco I S.A., will proceed with the merger of Kone and TKE.
This is regarded as a transformative transaction for the global elevator industry, creating the world's largest elevator manufacturer.
According to a statement from both companies, the group formed by the merger will be nearly twice the size of the current Kone Group, with over 100,000 employees in more than 100 countries.
Based on illustrative figures from each party's most recent fiscal year, the combined group of Kone and TKE would generate annual revenue of approximately 20.5 billion euros (24.0 billion USD), of which around 65% would come from service and modernization.
Adjusted EBIT* profit exceeds 2.7 billion euros, excluding expected synergies from the merger; meanwhile, the combined entity manages approximately 3.2 million units in its maintenance portfolio.
(*) EBIT profit: earnings before interest and taxes.
The synergies from the transaction are estimated at approximately 700 million euros annually, primarily stemming from increased service network density, enhanced R&D capabilities, platform optimization, improved procurement efficiency, and reduced selling, general, and administrative expenses.
Mr. Philippe Delorme, President and CEO of KONE, stated that the merger will lay the foundation for a more innovative enterprise with a solid position for long-term success, while significantly enhancing its ability to meet the growing demand for reliable and sustainable solutions and services. He also emphasized that the merger will drive the strategic shift towards service and modernization, thereby strengthening the company's resilience.
Mr. Uday Yadav, CEO of TKE, stated that combining the two companies will deliver the best value to customers, employees, and the cities they serve, building on a foundation of capabilities and experience developed over a long period.
KONE’s current President and CEO Philippe Delorme would lead the combined group, with Ilkka Hara as CFO. Antti Herlin would remain as Chairman of the Board of Directors, with an ownership representing over 50% of KONE’s voting rights, ensuring continuity and a sustained long-term strategic focus.
Advent and Cinven, through their jointly controlled holding company, would have a right under the SPA to nominate two members of KONE’s Board of Directors following completion, one of whom would serve as co-vice chair of the Board.
Transaction implementation timeline
Completion of the transaction is subject to approval by Kone's General Meeting of Shareholders as well as approvals from regulatory authorities in several countries. Shareholders representing 74.3% of the total voting rights have pledged their support for the agreement.
KONE and TKE will operate as independent companies until the transaction closes, which is expected as early as the second quarter of 2027. Key milestones in the Kone and TKE merger plan are as follows:
- April 29, 2026: Signing of the Share Purchase Agreement (SPA)
- June 2026: Extraordinary General Meeting of KONE Shareholders (expected)
- Within 12–18 months: Expected completion of regulatory approvals
- Q2/2027: Earliest date for transaction completion
Company information:
About Kone: In 2025, Kone achieved annual revenue of 11.2 billion euros and, as of the end of the year, had over 60,000 employees in nearly 70 countries.
About TKE: TKE became an independent company after separating from the thyssenkrupp group in 2020. The company achieved revenue of 9.2 billion euros in fiscal year 2024/2025. It has approximately 50,000 employees, 25,000 service technicians, and over 1,000 support centers globally.
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