Advent-Led Consortium Acquisition of thyssenkrupp Elevator (TK Elevator)

Industrials · Germany · 18.7B

A consortium led by Advent International and Cinven, together with RAG-Stiftung, acquired the Elevator Technology division of thyssenkrupp AG for approximately 17.2 billion euros (about $18.7 billion), the largest private equity buyout in Europe since 2007. thyssenkrupp reinvested 1.25 billion euros for a minority stake in the newly independent business, rebranded TK Elevator. The transaction was signed February 27, 2020 and completed July 31, 2020.