Finnish elevator and escalator giant Kone is considering a potential bid for TK Elevator, the former elevator division of Thyssenkrupp, Bloomberg reported on Wednesday, citing people familiar with the matter.
The deliberations are still at an early stage and there is no certainty Kone will proceed with a formal offer, according to the report. TK Elevator is currently majority-owned by private equity firms Advent International and Cinven, who acquired the business in 2020 in a €17.2 billion deal, one of Europe’s largest buyouts at the time.
A renewed approach by Kone would rekindle a saga that dates back several years. In 2020, the Finnish group was among the bidders for TK Elevator before losing out to the Advent–Cinven consortium. Since then, speculation has persisted that Kone — one of the world’s largest lift makers — could return if ownership changed or investors sought an exit.
TK Elevator, headquartered in Germany, remains a significant global player with revenues of around €9 billion, according to Bloomberg. A potential deal could reshape the European elevator market, combining two of the industry’s strongest brands in an increasingly consolidated sector.
Bloomberg noted that discussions are ongoing and other bidders could emerge. Representatives for Kone, Advent, and Cinven declined to comment.
Source: Bloomberg, Finland’s Kone Is Said to Consider Potential Bid for TK Elevator, 17 Sept 2025
