KONE's headquarters in Espoo, Finland.
According to Bloomberg Law, the Antitrust Division of the U.S. Department of Justice (DOJ) is conducting an in-depth review of KONE's acquisition of TK Elevator (TKE) to determine whether the combination of the two businesses would reduce competition in the U.S. market.
Bloomberg's sources said the DOJ requested additional information from both parties on August 10, 2026.
According to people familiar with the matter, the antitrust review is still at an early stage and could take a year or longer.
KONE said it has cooperated with the DOJ since the deal was announced and still expects to complete the transaction as early as the second quarter of 2027. The DOJ, TK Elevator and the company's two owners, Advent and Cinven, have not commented on the review.
The U.S. market is a strategic link
The sale of TK Elevator to KONE ranks among the largest divestments by private equity funds, as the buyout industry faces growing pressure to sell off assets and return capital to investors.
For KONE, this deal realizes its long-standing ambition to expand its presence in the U.S.
The KONE - TK Elevator deal, valued at 29.4 billion euros, was announced at the end of April 2026. If completed, the KONE - TKE transaction will create the world's largest elevator manufacturer and become the largest corporate merger in Finnish history.
TKE holds a particularly important position in KONE's strategy to expand its operations in the Americas. In fiscal year 2025, the region contributed about 45% of TKE's revenue. Meanwhile, KONE has a stronger position in Asia, which accounts for about 35% of KONE's revenue.
If approved, the combined KONE and TKE entity would have estimated annual revenue of about 20.5 billion euros, more than 100,000 employees and approximately 3.2 million elevators and escalators in its maintenance portfolio.
KONE had previously pursued TK Elevator for many years. In 2020, the Finnish group partnered with CVC Capital Partners to acquire the business but was unsuccessful; TK Elevator subsequently came under the ownership of Advent and Cinven.
Possible need to sell some assets
Competition concerns have overshadowed the acquisition since it was announced. Analysts have pointed to regulatory scrutiny as one of the main risks of the transaction. In addition to the U.S., the deal is expected to undergo review by competition authorities in multiple countries.
KONE Chief Financial Officer Ilkka Hara said in June 2026 that the company is preparing a plan to sell some assets to address possible concerns, but has not announced which operations or markets might have to be divested.
KONE's extraordinary general meeting in June 2026 also approved the necessary resolutions related to the transaction, including the issuance of new shares and changes to the composition of the Board of Directors after the deal is completed. However, the transaction remains subject to approval by regulatory authorities in multiple countries.
Previously, Reuters reported that Schindler – one of the two companies' major competitors – also said it was ready to consider assets put up for sale if regulators require KONE or TKE to divest, though it emphasized that this scenario remains uncertain.
