The consortium that won the bid to acquire Thyssenkrupp’s elevators division wants to spend billions of euros on expanding the business, a manager at one of three partners said in remarks published on Sunday.
“The is no shortage of money for a global expansion,” Ranjan Sen, managing partner with private equity firm Advent told the Handelsblatt business daily. “This could by all means amount to single-digit billions.”
Thyssenkrupp (TKAG.DE) said on Thursday it had agreed to sell its elevators division to a consortium of Advent, Cinven and Germany’s RAG foundation for 17.2 billion euros ($18.96 billion).
Thyssenkrupp said it would reinvest about 1.25 billion euros to take a stake in the unit.
By far the German conglomerate’s most profitable business, Thyssenkrupp Elevator is the world’s fourth-largest lift manufacturer behind United Technologies Corp’s (UTX.N) Otis, Switzerland’s Schindler (SCHP.S) and Finnish rival Kone (KNEBV.HE).
Source: Reuters
Can’t stop reading? Read more
Top private equity news of the week
A consortium of investors, led by Maverick Carter and advised by UBS Group AG and Evercore, is...
IMM Private Equity fully exits Woori Financial with 2.4x ROI
IMM Private Equity sold its remaining 1.38% stake in Woori Financial Group for 166.4 billion won...
LACERA commits $2.2bn to private markets, diversifying $77bn portfolio
The Los Angeles County Employees’ Retirement Association approved $2.2bn in commitments across...