KONE Acquires German Rival TKE for €29.4 Billion

Finnish lift maker KONE has announced a massive acquisition of its German rival, TKE, in a €29.4 billion share-and-cash deal.

The combined entity will be nearly double the size of KONE, employing over 100,000 people across more than 100 countries and generating approximately €20.5 billion in annual revenue.

KONE's current CEO, Philippe Delorme, will lead the new Finnish-based group. The acquisition significantly strengthens KONE's market position in the Americas and enhances its service and maintenance operations.

The deal, which is the largest corporate acquisition ever in Finland, is expected to yield €700 million in annual cost savings and profit synergies. The transaction is subject to regulatory and shareholder approval, with completion anticipated in 2027.