Thyssenkrupp to sell elevators unit to Advent and Cinven: sources

FILE PHOTO: A model of the MULTI elevator pictured inside Thyssenkrupp’s elevator test tower in Rottweil, Germany, January 21, 2020. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) – Thyssenkrupp (TKAG.DE) has agreed to sell its elevators division to a consortium of Advent and Cinven [CINV.UL], two sources close to the matter told Reuters.

The bidding group prevailed against a rival consortium comprising Blackstone (BX.N), Carlyle (CG.O) and the Canada Pension Plan Investment Board.

The decision, which followed a meeting of Thyssenkrupp’s management and supervisory boards, concludes the closely watched saga of Europe’s biggest buyout since 2007 and the world’s largest this year.

By far the German conglomerate’s most profitable business, Thyssenkrupp Elevator is the world’s fourth-largest lift manufacturer behind United Technologies Corp’s (UTX.N) Otis, Switzerland’s Schindler (SCHP.S) and Finnish rival Kone (KNEBV.HE).

Thyssenkrupp declined to comment.

Reporting by Christoph Steitz and Edward Taylor; Editing by David Goodman

Our Standards:The Thomson Reuters Trust Principles.

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