Kone close to finalising €29bn deal to buy TK Elevator

Citing informed sources, Bloomberg reported on Tuesday (April 28, 2026) that Kone is finalizing the last stages of the transaction with TK Elevator's owners, Advent International and Cinven. The deal announcement could be made as early as Wednesday (April 29, 2026).

This deal is expected to value TK Elevator at approximately 29 billion euros ($33.97 billion), including debt.

If the deal is completed, the merger between the two companies would create the world's largest elevator manufacturer, surpassing the current number one, Otis Worldwide, and the second-largest, Schindler.

This would also be one of the largest takeover deals in Europe this year, and the highest-value corporate acquisition in Finland's history.

Meanwhile, Reuters news agency said it could not immediately verify this information. Kone and TK Elevator have not responded to Reuters' requests for comment, while Advent and Cinven declined to comment.

The head of Swiss elevator maker Schindler said last month that the company would oppose any merger between Kone and TK Elevator before antitrust authorities.

TK Elevator also said last month that no decision had been made regarding its future direction, with an initial public offering (IPO) remaining one of the strategic options.

In 2020, Thyssenkrupp sold its elevator technology division — later renamed TK Elevator — for 17.2 billion euros to a consortium of investors led by private equity funds Advent, Cinven, and Germany's RAG Foundation.

Kone had sought to buy TK Elevator six years ago, submitting a non-binding offer of 17 billion euros for the company, but later withdrew due to antitrust risks.