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Thyssenkrupp shortlists 2 consortiums for elevator unit sale

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Thyssenkrupp shortlists 2 consortiums for elevator unit sale

Thyssenkrupp AG shortlisted two consortiums of financial investors for the potential sale of its elevator unit, and said the deal is "on the home stretch."

The company will prioritize further negotiations with the consortium of The Blackstone Group Inc., Carlyle Group Inc. and Canada Pension Plan Investment Board, and a second consortium of Advent International Corp. and Cinven.

"The objective is to reach an agreement quickly on a majority or full sale," thyssenkrupp said Feb. 17, adding that an IPO option is also available if a deal is not finalized.

Blackstone, Carlyle and the Canada Pension Plan Investment Board reportedly bid US$17.5 billion in mid-February.

The consortium of KONE Oyj and CVC Capital Partners Ltd., which reportedly placed the highest bid of about €17 billion for the elevator unit, is out of the sales process.

Alfred Schindler a board member of Swiss elevator-maker Schindler Holding AG, recently said that the company will take legal action against a merger deal between thyssenkrupp and KONE.