KONE to Buy TK Elevator in €29.4bn Deal, Creating Global Leader

Finnish liftmaker KONE has agreed a cash-and-share combination to acquire German rival TK Elevator (TKE), valuing TKE at an enterprise value of €29.4 billion — a move that would create the sector's largest global player by sales.

According to KONE's announcement, the deal includes a cash component of about €5.0 billion and a share consideration represented by 270 million newly issued KONE shares, with the share portion valued at roughly €15.201 billion based on the closing price on 28 April 2026. TKE is being sold by a consortium led by private-equity firms Advent and Cinven. The transaction structure and valuation were detailed in the companies' press releases.

The combination will expand KONE’s global footprint, service network and product portfolio, while consolidating maintenance and modernization revenues that are central to recurring cash flow in the industry. Market commentary has highlighted that the deal could reshape competitive dynamics in Europe and other regions where both groups operate, and marks one of the largest corporate transactions involving a Finnish company.

In the wider context, 2026 has seen elevated deal activity in industrial and infrastructure sectors as private equity owners seek exits and strategic buyers pursue scale and technology integration. Observers note this deal reflects both PE exit dynamics and long-term demand for urban mobility solutions amid ongoing urbanization and building renewal trends. Bloomberg and other outlets have reported on the advanced talks and the PE owners' motivations.

Analysts underline that the transaction is subject to customary regulatory approvals and the approval of KONE’s shareholders; KONE expects to convene an extraordinary general meeting in June 2026. Should regulators approve, KONE will face integration and antitrust review risks but also potential cost and revenue synergies that could lift long-term margins. Market participants will watch regulatory feedback and integration plans for signals on timing and value realization.