Kone Oyj has agreed to acquire TK Elevator for €29.4 billion ($34.4 billion), including debt. The combination will create the world's largest elevator maker and represents one of the biggest takeovers in Europe in recent years.
Under the terms of the cash-and-stock deal, Kone will pay the consortium that owns TK Elevator approximately €5 billion in cash and up to 270 million newly issued Kone shares.
The acquisition nearly doubles the size of the Finnish lift maker and is described by Finnish media as the largest corporate acquisition ever carried out in Finland. The transaction also marks one of the largest private equity exits in Europe.