The US Justice Department has launched an in-depth antitrust review of Kone Oyj's €29.4 billion purchase of rival TK Elevator, putting pressure on a deal that would create the world’s largest elevator manufacturer. Kone said it has been working closely with the DOJ since announcing the tie-up and still expects the transaction to close in the second quarter of 2027. The DOJ’s request for more detailed information came on Monday, according to sources.

The sale of TK Elevator to Kone is one of the largest private equity exits, providing Kone with greater exposure to the US market where TK Elevator has an established presence. Analysts have flagged antitrust review as a key risk, and Kone has said it plans to sell assets to address concerns. The DOJ in the Trump administration has preferred settlements over court challenges.

Kone and TK Elevator are the number three and four players in the market. The acquisition would double Kone’s market value and catapult it above competitors Otis and Schindler. The deal is the largest in Finland’s history. Kone’s previous attempt to buy TK Elevator in 2020 failed when Advent and Cinven won the bidding.