A general view inside Thyssenkrupp’s elevator test tower is pictured in Rottweil, Germany, October 6, 2017. REUTERS
BERLIN, March 31 (Reuters) – German lift maker TK Elevator said on Tuesday that no decision has been taken yet on its future course, with an initial public offering (IPO) remaining one of the strategic options.
Bloomberg News reported this month that Finland’s Kone was in talks to buy TK Elevator, citing sources familiar with the matter.
A merger between the two companies would create the world’s largest lift maker, jumping ahead of current number one OTIS and second-largest Schindler.
Advent International and Cinven – the owners of TK Elevator – have been working on a planned IPO.
However, recent volatility in equity markets has made a sale more appealing, according to the Bloomberg report.
The head of Swiss lift maker Schindler said last week that it would challenge any merger deal between rivals Kone and TK Elevator before antitrust authorities.
In 2020, Thyssenkrupp sold its elevator technology business – later renamed TK Elevator – for 17.2 billion euros to a consortium of bidders led by private equity firms Advent, Cinven and Germany’s RAG foundation.
Reporting by Andres Gonzales; Writing by Miranda Murray; Editing by Sonali Paul, Kirsten Donovan
