German company TK Elevator is preparing for an initial public offering in Frankfurt that could value the firm at around €25 billion, with Goldman Sachs, Deutsche Bank, Morgan Stanley, Barclays, and UBS appointed as global coordinators, according to sources cited by Bloomberg News.
Owners Advent and Cinven have already been working with Rothschild and Lilja as advisors, and the listing could take place in the second half of 2026. TK Elevator reported revenues of approximately €9.2 billion for the 2024–2025 fiscal year and employs over 50,000 people worldwide.
TK Elevator was previously part of Thyssenkrupp but was sold in 2020 in a deal worth €17.2 billion.
Last autumn, sources told Bloomberg that Finnish company Kone was considering a potential bid for its rival.
Kone Oyj is one of the world's leading manufacturers of elevators, escalators and automatic doors. The group also offers equipment installation, updating, and maintenance services. Net sales break down by activity as follows:
- installation, maintenance and repair services (42.3%);
- sale of equipment (36.4%): automatic doors, elevators, escalators, moving walkways and access control;
- modernization services (21.3%).
At the end of 2025, the group had 10 production sites worldwide.
Net sales are distributed geographically as follows: Europe (40.2%), Americas (25%), China (19.3%) and Asia/Pacific/Middle East/Africa (15.5%).
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