Kone is buying German rival TK Elevator in a $34.4 billion deal

The cash-and-stock transaction would create the world's largest elevator maker, surpassing Otis and Schindler

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A €29.4 billion ($34.4 billion) cash-and-stock agreement to purchase TK Elevator was announced Tuesday by Finnish manufacturer Kone, which said the combined entity would rank as the world's top elevator and escalator business.

Under the deal, the Advent and Cinven-controlled holding company will receive €5 billion in cash. The rest of the payment will be up to 270 million new Kone class B shares, valued at about €15.2 billion based on Kone’s share price on April 28, 2026. The agreement also covers refinancing most of TK Elevator’s existing debt, which totals about €9.2 billion.

On a combined........

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