Thyssenkrupp sells elevator division for 17 billion euros

by David Fleschen

Thyssenkrupp sells its elevator and escalator business to financial investors. A consortium around Advent, Cinven and the RAG Foundation will take over the division, the company said on Thursday after a supervisory board meeting. The controllers preferred the group to financial investors around Blackstone, Carlyle and the Canada Pension Plan.

The sales value amounts to 17.2 billion euros - the sale of the Elevator division is likely to be the largest deal in Europe this year. As various media outlets report, Interim chief Martina Merz wants ton use the money to secure pensions and reduce Thyssenkrupps` debt burden.

Photo: Thyssenkrupp

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