A TK Elevator (TKE) elevator is demonstrated at the Microsoft Corp. booth at the Hanover Messe 2026 trade fair in Hanover, Germany, on Monday, April 20, 2026.
Bloomberg | Bloomberg | getty images
Finland’s Corner has agreed to buy German rival TK Elevator in a deal worth 29.4 billion euros ($34.4 billion), one of Europe’s biggest takeover deals in recent years.
The cash and share deal that took place Rumor In recent times, it would become the world’s largest elevator manufacturer, overtaking rivals such as US-based Otis and Switzerland’s Schindler.
corner Said The deal will result in estimated synergies of EUR 700 million on an annual run-rate basis.
“For more than a century, both KONE and TKE have successfully evolved their businesses to adapt to the urbanizing world. By uniting, we are laying the foundation for an even more innovative company that is well-positioned for long-term success,” KONE CEO Philippe Delorme said in a statement.
Cone shareholders holding more than 40% of the total outstanding shares and approximately 74.3% of the total votes have agreed to support the deal, the company said.
TK Elevator CEO Uday Yadav welcomed the announcement, saying the two companies share “deep respect”.
“Together, we will bring the best of both companies to our customers, our people and the cities we serve. The best part of our story is yet to come,” Yadav said.
Proposed merger with Schindler expected to face industry scrutiny telling reuters Late last month it prepared to challenge any such deal before antitrust authorities.
