German elevator company TK Elevator, owned by private equity firms Advent International and Cinven, confirmed that an initial public offering remains on the table, even as reports indicate Finland’s Kone is in discussions to acquire the business, according to a report by Reuters.
A merger between TK Elevator and Kone would create the world’s largest lift manufacturer, surpassing OTIS and Schindler.
The private equity owners had been preparing for a public listing, but recent market volatility has made a sale increasingly attractive. Schindler has already signalled it would challenge any merger on antitrust grounds.
TK Elevator was originally acquired from Thyssenkrupp in 2020 for €17.2bn by the consortium including Advent, Cinven, and Germany’s RAG Foundation.
