Advent-led consortium to spend 'billions' on expanding Thyssenkrupp Elevator
Reuters
Published Mar 01, 2020 17:27
Advent-led consortium to spend 'billions' on expanding Thyssenkrupp Elevator
BERLIN (Reuters) - The consortium that won the bid to acquire Thyssenkrupp's elevators division wants to spend billions of euros on expanding the business, a manager at one of three partners said in remarks published on Sunday.
"The is no shortage of money for a global expansion," Ranjan Sen, managing partner with private equity firm Advent told the Handelsblatt business daily. "This could by all means amount to single-digit billions."
Thyssenkrupp (DE:TKAG) said on Thursday it had agreed to sell its elevators division to a consortium of Advent, Cinven and Germany's RAG foundation for 17.2 billion euros.
Thyssenkrupp said it would reinvest about 1.25 billion euros to take a stake in the unit.
By far the German conglomerate's most profitable business, Thyssenkrupp Elevator is the world's fourth-largest lift manufacturer behind United Technologies Corp's (N:UTX) Otis, Switzerland's Schindler (S:SCHP) and Finnish rival Kone (HE:KNEBV).
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Written By: Reuters
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