Advent and Cinven are exploring a potential €25bn exit of TK Elevator as Kone enters advanced discussions to acquire the private equity-owned business, Bloomberg reported.

The Finnish industrial group is working with advisers on a potential cash-and-stock deal that could value TK Elevator at up to €25bn, including debt.

The process remains ongoing, with Kone aiming to reach an agreement in the coming weeks, subject to detailed due diligence. However, there is no certainty a transaction will be completed.

Advent and Cinven are also continuing preparations for a potential initial public offering of TK Elevator, while remaining open to a sale as market conditions evolve.

The private equity firms acquired the business from Thyssenkrupp in 2020 for €17.2bn, positioning it as one of the largest buyouts in Europe at the time. A subsequent minority stake sale last year valued the company at more than €23bn.

A transaction with Kone could become the largest European takeover announced this year and would significantly reshape the global elevator industry.

The deal could also strengthen Kone’s presence in the US market and unlock operational efficiencies through scale. However, regulatory approval may require asset disposals due to potential antitrust concerns.

TK Elevator generated around €9.2bn in revenue in its latest fiscal year and employs more than 50,000 people globally.

The potential exit highlights continued private equity activity in large-scale industrial assets, with sponsors exploring both IPO and strategic sale routes to maximise value.

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