Kone Oyj has been reported to be in active talks to acquire TK Elevator, a company whose owners have been preparing an initial public offering, according to people familiar with the matter. The parties involved have been discussing a potential transaction that, as reported, could value TK Elevator at as much as 25 billion euros when including debt.
Those briefed on the situation say Kone is seeking to reach an agreement as soon as the coming weeks. At the same time, TK Elevator’s owners have continued to advance work on a possible IPO while engaging in negotiations over a sale, indicating parallel paths remain under consideration.
The current owners of TK Elevator, private equity firms Advent International and Cinven, have been working on the planned listing. Sources cited in the report noted that recent equity market volatility has increased the owners’ openness to pursuing a sale rather than an IPO.
Both Cinven and Advent, together with TK Elevator, declined to provide comment when contacted. Kone did not immediately respond to requests for comment.
Reporting last year indicated that TK Elevator’s owners had been weighing the United States as a potential venue for an initial public offering. At that time, sources suggested the business could be valued at more than 20 billion euros. The more recent figure being discussed in the current talks and preparations is as high as 25 billion euros including debt.
Currency information provided in the report put the exchange rate at $1 = 0.8700 euros.
Context and procedural notes
- The information about negotiations and valuations comes from people familiar with the matter cited in the report.
- Owners of the target company are continuing parallel work on an IPO while engaging in sale discussions.
- No party commented publicly on the discussions at the time of the report.
As reported, the matter remains fluid and subject to further developments as discussions continue between Kone and the owners of TK Elevator.