Kone to Acquire TK Elevator for $34.4 Billion
Finnish elevator manufacturer Kone has agreed to acquire TK Elevator for $34.4 billion in a cash-and-stock deal, creating the world's largest elevator and escalator company. The acquisition includes €5 billion in cash and up to 270 million new Kone shares, with expected annual cost synergies of €700 million. The merged entity will generate €20.5 billion in annual sales and employ over 100,000 people.
Topics: Corporate Strategy Elevator Industry Finland M&A Private Equity