Amid concerns over antitrust regulations, KONE plans to sell the majority of TK Elevator's European business
Reuters reported on October 1, 2026, citing people familiar with the matter, that the process to offer the majority of TK Elevator's European operations — including elevators, escalators, and related services — is expected to begin in the autumn. One source said the process could launch in November.
In April 2026, KONE announced the acquisition of TK Elevator (TKE) from an investor group led by Advent International and Cinven. The deal will create the world's largest elevator manufacturer.
Last year, the European market accounted for 27% of TKE's revenue, equivalent to approximately 2.5 billion euros.
Analysts at Citi Financial estimate that the sale of European operations could fetch 2.1 billion euros.
"Since announcing the transaction, KONE and TKE have been working closely and constructively with regulators," Kone said in a statement. "We have always been clear that remedy divestments may be necessary in some geographies to secure regulatory clearance."
KONE said it remains committed to achieving 700 million euros in annual synergy benefits from the deal. Advent, Cinven, and TKE all declined to comment.
According to data from the London Stock Exchange, this is expected to be one of the largest acquisitions in Europe in years, and the largest private equity divestment on the continent since data began being recorded in 1980.
Kone finance chief Ilkka Hara told Reuters in June that divestments in some regions had been anticipated and the deal was not expected to close until the second quarter of 2027 at the earliest.
Regulators will scrutinize the deal closely due to the highly concentrated nature of the global elevator market, with dominant players including Otis, Schindler, KONE, and TKE.
The proposed deal would create Europe's largest conglomerate, surpassing U.S.-based Otis to become the largest company in the industry. The deal comes as the EU seeks to strengthen European industry amid growing competitive pressure from rivals outside the region.
Combining KONE and TK Elevator, the European market would account for 35% of total revenue, equivalent to approximately 7.2 billion euros.
Schindler Group, a Swiss rival that had criticized the deal, told Reuters in July 2026 that it sees opportunities to acquire assets that may be offered during the divestment process to meet antitrust requirements.
*Exchange rate: 1 USD = 0.8838 euros.
