KONE and TKE to combine, creating a world-class company in the elevator and escalator industry

KONE Corporation and a consortium led by Advent and Cinven, through their jointly controlled holding company Vertical Topco I S.A., have entered into an agreement to combine KONE and TKE in a cash and share transaction.

This industry-revitalizing transaction brings together two exceptional global businesses with highly complementary geographic footprints and innovation platforms. The combined group would have a balanced global presence, leading service and modernization capabilities, and the resources to accelerate the development of new solutions and digital services. As such it would be in a better position to meet its customers’ rising demand for safe, sustainable and data driven urban vertical transportation solutions. The combination would offer substantial value creation from realized synergies, estimated to be approximately EUR 700 million on an annual run-rate basis, benefitting customers and shareholders alike.

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Originally published on 29 Apr

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