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Report: Thyssenkrupp contacts at least 10 potential suitors for elevator unit

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Report: Thyssenkrupp contacts at least 10 potential suitors for elevator unit

Thyssenkrupp AG has sent out informational memoranda to at least 10 buyout firms and strategic investors inviting them to submit indicative bids for its elevator business, Reuters reported, citing two people familiar with the matter.

Possible bidders include Brookfield; CVC Capital Partners Ltd.; a partnership between Blackstone Group Inc. and Carlyle Group LP; and a group comprising Advent International Corp., Cinven and sovereign wealth fund Abu Dhabi Investment Authority, sources said.

Hellman & Friedman LLC also received the information package, but it is unlikely that the firm will join the auction.

Finnish rival KONE Oyj, which has been in discussions with CVC for a potential partnership, and Japan's Hitachi Ltd. were the only strategic bidders selected, the unnamed sources added.

The information packages were sent to potential bidders in the week of Oct. 14, the people said.

The Thyssenkrupp Elevator Technology unit is being marketed based on an EBITDA of approximately €1 billion, one of the people said.

Reuters reported that all parties were either not immediately available for comment or did not comment on the matter.