BREAKING: KONE Corporation Signs Definitive Business Combination Agreement with TKE

KONE Corporation has entered into an agreement with a consortium led by Advent and Cinven to combine KONE and TKE in a cash-and-share transaction.

This landmark transaction brings together two of the world’s leading businesses with highly complementary geographic footprints and innovation capabilities. The combined group will have a balanced global presence, leading service and modernization capabilities, and enhanced resources to accelerate the development of innovative solutions and digital services, enabling it to better meet customers’ growing demand for safe, smart, and sustainable urban vertical transportation solutions.

Through this combination, customers will benefit from faster innovation rollouts, higher-quality installation and service. The combined group will also be better equipped to deliver safer, more sustainable modernization solutions for the world’s aging elevator and escalator fleets.

Both KONE and TKE operate on a people-centric approach, built on trust and a commitment to employee value. The two companies share highly compatible corporate cultures, with aligned values across customer service, operational excellence, and corporate social responsibility. The combined business will be a larger, more diverse, and truly global enterprise, offering expanded career opportunities for its employees.

The transaction is subject to customary regulatory approvals and approval by KONE’s Extraordinary General Meeting, with completion expected as early as the second quarter of 2027.

Attachment: Rise-Together_Announcement-2.pdf