Thyssenkrupp Focuses Talks for Elevator Deal on Two Consortia

By Kim Richters

Thyssenkrupp AG said Monday that is concentrating on negotiations with two consortia of financial investors for the divestment of its elevator division.

The industrial conglomerate said it is focusing on talks with one group consisting of Blackstone Group Inc., Carlyle Group Inc. and the Canada Pension Plan Investment Board, as well as a consortium including Advent International Corp. and Cinven Group Ltd.

Missing from the list of potential buyers is Finnish company Kone Oyj, which said separately Monday that they are withdrawing from discussions.

Thyssenkrupp said it aims "to reach an agreement quickly on a majority or full sale."

A listing on the stock market continues to be an option for the unit and would be possible from early summer if the companies don't reach an agreement, it said.

The company, which is reviewing its portfolio, has been considering options for its elevator business, expecting to make a decision at the end of February.

Chief Executive Martina Merz said last month that interested parties had confirmed the value of the division at over EUR15 billion.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

February 17, 2020 10:07 ET (15:07 GMT)

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