Thyssenkrupp sells lift business for €17.2B

Thursday, 27. February 2020 20:50

Supervisory Board of Thyssenkrupp AG on Thursday approved the sale of the company's Elevator Technology business to a consortium led by Advent International, Cinven Ltd. and RAG foundation.

The transaction will amount to €17.2 billion ($18.7 billion), the German conglomerate announced in a press release, adding that the finalization of the deal will be conducted "by the end of the current fiscal year." The selling price would make the acquisition the largest one in Europe since 2007. The firm also announced that it will "reinvest part of the purchase price (€1.25 billion) in a stake in the elevator business."

"With the sale of Elevator, Thyssenkrupp can pick up speed again. We will reduce the company's debt as far as is necessary and at the same time invest as much as is reasonable in its further development," CEO Martina Merz said.

It was reported last week that Finnish engineering and service company Kone withdrew from the negotiations on acquiring the elevator unit.

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Breaking the News / MS