ThyssenKrupp will be able to replenish its boxes. The struggling German industrial giant announced Thursday the sale for 17.2 billion euros of its elevator division, the most profitable of the group, to a consortium of investors. After a bitter battle, the buyers are the private equity firms Advent and Cinven. They were preferred to the offer of a consortium formed by Blackstone, Carlyle and a Canadian pension fund.
This transaction is one of the largest ever on the private equity market in Europe. For several weeks, Koné, the Finnish competitor of ThyssenKrupp, was the favorite for this takeover, with an offer of 17 billion euros. But the group withdrew from the race in mid-February, its boss arguing "not wanting to take the risk of investing at a loss in the business, without being sure of the solvency of ThyssenKrupp".
“The sales contract is signed. The transaction will be closed by the end of the current fiscal year, ” said
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