Finland’s Kone to buy German rival TK Elevator in blockbuster $34.4 billion deal
Finland's Kone has announced its acquisition of German rival TK Elevator in a deal valued at $34.4 billion. This merger will create the world's largest elevator manufacturer, surpassing competitors like Otis and Schindler. The deal is expected to generate significant synergies and has received support from a majority of Kone shareholders.
- ▪Kone's acquisition of TK Elevator is valued at 29.4 billion euros ($34.4 billion).
- ▪The merger will create the world's largest elevator maker, surpassing Otis and Schindler.
- ▪Kone expects annual synergies of 700 million euros from the deal.
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Finland's Kone has agreed to buy German rival TK Elevator in a deal valued at 29.4 billion euros ($34.4 billion), marking one of Europe's biggest takeover agreements in recent years.The cash and share agreement, which had been rumored in recent days, would create the world's largest elevator maker, overtaking rivals such as U.S.-based Otis and Switzerland's Schindler. Kone said the deal would result in estimated synergies of 700 million euros on an annual run-rate basis."For over a century, both KONE and TKE have successfully developed their businesses, in tandem with an urbanizing world.
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