Thyssenkrupp News & Analysis

Kone (KNEBV) to Acquire TK Elevator (TKE) in $34.4 Billion Deal

Finland's Kone (KNEBV) has agreed to acquire TK Elevator (TKE) in a deal valued at 29.4 billion euros ($34.4 billion). This transaction is one of Europe's largest takeover agreements and will create the world's largest elevator manufacturer. Kone expects annual run-rate synergies of 700 million euros following the merger. Kone shareholders holding over 40% of outstanding shares have agreed to support the deal, although it may face antitrust scrutiny, particularly from rival Schindler. Shares of Thyssenkrupp rose 14% following the announcement.