The TK Elevator (TKE) elevator is on display at the Microsoft Corp. booth at the Hannover Messe 2026 trade show on Monday, April 20, 2026 in Hannover, Germany.
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Finland’s Kohn has agreed to buy German rival TK Elevator in a deal worth 29.4 billion euros ($34.4 billion), making it Europe’s biggest takeover deal in recent years.
The cash-and-stock deal, which has been rumored in recent days, would create the world’s largest elevator maker, overtaking rivals such as U.S.-based Otis and Switzerland’s Schindler.
Kone said the deal will deliver an estimated €700 million in synergies on an annual run-rate basis.
“For more than a century, KONE and TKE have successfully aligned their businesses with the urbanization of the world. By combining, we are laying the foundations for an even more innovative company and are well-positioned for long-term success,” Kone CEO Philippe Delorme said in a statement.
The company said Cohn shareholders, who own more than 40% of all outstanding shares and approximately 74.3% of total voting rights, agreed to support the transaction.
TK Elevator CEO Uday Yadav welcomed the announcement and said the two companies share “deep respect”.
“Together, we will bring the best of both companies to our customers, employees and the cities we serve. Our best stories lie ahead,” Yadav said.
Shares in German steel company ThyssenKrupp rose 8% on the news, pushing profit margins up as much as 14%.
TK Elevator was separated from ThyssenKrupp in 2020 and became an independent company. Private equity firms Advent and Cinven acquired TK Elevator for approximately 17 billion euros at the time.
The proposed merger is expected to come under intense industry scrutiny, and Schindler told Reuters late last month that he was prepared to challenge such a deal before antitrust authorities.
