Deals

Finland’s Kone Agrees to Buy TK Elevator for €29.4 Billion

A TK Elevator unit at Chongqing Jiangbei International Airport in China.Source: TK Elevator

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By Swetha Gopinath, Dinesh Nair, and Ruth David

April 29, 2026 at 5:51 AM UTC

Updated on

April 29, 2026 at 12:44 PM UTC

Kone Oyj agreed to acquire TK Elevator for €29.4 billion ($34.4 billion) including debt, transforming the Finnish company into the industry’s dominant player and putting new pressure on its rivals.

Kone announced a cash-and-stock deal for TK Elevator, which is owned by Advent and Cinven, in a statement Wednesday that confirmed a Bloomberg News report.