Elevator deal is largest European buyout since financial crisis
Illustration: Aïda Amer/Axios
Thyssenkrupp of Germany agreed to sell its elevators unit for $18.7 billion to a consortium that includes Advent International, Cinven, ADIA and the RAG Foundation.
Why it matters: This is Europe's largest buyout since before the 2008-2009 financial crisis.
- Marketplace: The winning price approximated a bid from Finnish strategic Kone, which was hampered by German labor concerns. It was higher than a rival private equity offer from Blackstone, Carlyle and CPPIB.
The bottom line: "Once an emblem of German industrial prowess, Thyssenkrupp is fighting for survival. The company has been bruised by a slowdown in Chinese and German manufacturing, rising pension costs and falling demand for European steel," Bloomberg writes.