Logo is displayed in an elevator at the KONE Academy of Finish elevators and escalators manufacturer KONE in Hanover, Germany, February 6, 2020. Picture taken February 6, 2020. REUTERS
HELSINKI, April 29 (Reuters) – Finnish lift maker Kone said on Wednesday it had agreed to buy its German rival TK Elevator in a transaction valued at 29.4 billion euros ($34.40 billion), which would create the world’s largest lift maker.
The deal with private equity firms Advent International and Cinven marks one of Europe’s biggest takeovers this year and is also the highest valued company takeover in Finnish history.
The combination would result in planned synergies estimated to be approximately 700 million euros on an annual run-rate basis, Kone said.
“This combination would meaningfully enhance our ability to meet customers’ growing demand for reliable and sustainable solutions and services,” Kone CEO Philippe Delorme said in a statement.
($1 = 0.8546 euros)
Reporting by Anne Kauranen in Helsinki, editing by Terje Solsvik and Essi Lehto
