# KONE and TKE to combine in cash and share transaction

KONE Corporation and a consortium led by Advent and Cinven have agreed to combine KONE and TKE in a cash and share transaction. The combined group would have approximately EUR 20.5 billion in annual sales and an estimated EUR 700 million in annual synergies.

- Type: Acquisition
- Announced: 2026-04-29
- Where: Germany
- Value: $32.0B (29.4B EUR)
- Status: announced
- Products: elevators, escalators
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

- [KONE](https://endata.com/companies/17797.md)
- [Advent International](https://endata.com/companies/430.md) (acquirer)
- [Advent International](https://endata.com/companies/430.md) (investor)
- [KONE](https://endata.com/companies/17797.md) (acquirer)
- [Cinven](https://endata.com/companies/23050.md) (acquirer)
- [Cinven](https://endata.com/companies/23050.md) (investor)
- [TK Elevator](https://endata.com/companies/32554.md) (target)
- [TKE](https://endata.com/companies/91607.md) (target)

## Sources

- [kone.com](https://www.kone.com/global/en/newsroom/releases/2026/inside-information--kone-and-tke-to-combine--creating-a-world-class-company-in-the-elevator-and-escalator-industry-2026-04-29.html), 2026-04-29: "KONE Corporation and a consortium led by Advent and Cinven have entered into an agreement to combine KONE and TKE in a cash and share transaction."
- [adventinternational.com](https://www.adventinternational.com/news/kone-and-tke-to-combine-creating-a-world-class-company-in-the-elevator-and-escalator-industry/), 2026-04-29: "KONE and TKE to combine, creating a world-class company in the elevator and escalator industry"
- [investing.com](https://www.investing.com/news/stock-market-news/kone-to-buy-rival-tk-elevator-in-344-billion-deal-4643590), 2026-04-29: "The merger would give Kone scale in maintenance and modernisation - the most profitable parts of its elevator business, in addition to boosting its U.S. footprint."
- [hk.marketscreener.com](https://hk.marketscreener.com/news/kone-oyj-advent-international-l-p-and-cinven-limited-agreed-to-acquire-tk-elevator-gmbh-for-an-en-ce7f58dad88ef622), 2026-04-29: "KONE Oyj, Advent International, L.P. and Cinven Limited agreed to acquire TK Elevator GmbH for an enterprise value of €29.4 billion."

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.