Owners of the Germany-based elevator technology company TK Elevator are planning an initial public offering in the US, likely in 2026. or an outright sale, Reuters reported Thursday, citing sources.
Formal preparations for either option could be finalized by year-end 2025. The sale is expected to value the business at more than 20 billion euros ($22.74 billion). Currently, the plans are in early stages and the deal timing could change based on market conditions, the news report states.
Private equity firms Advent International, Cinven and Germany's RAG led a syndicate that bought the elevator business from Thyssenkrupp in 2020 for 17.2 billion euros, according to the news report.
TK Elevator, Advent, Cinven and RAG didn't immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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