Cinven and Advent International have steered ThyssenKrupp Elevators into a sale that values the business at almost €30bn. Finnish lift maker Kone will acquire the equity for €5bn in cash and €15.2bn of newly issued shares, while assuming €9.2bn of net debt, thereby significantly leaving the private‑equity consortium with a 34% stake in the combined entity.

The investors bought the division in 2020 for €17.2bn, roughly 40% of which was equity. At current terms that stake is worth about €15.8bn, delivering a three‑fold multiple on their cash investment and an internal rate of return near 15%, according to Lex. Such performance outpaces the 8% average top‑quartile buyout return recorded last year.

Kone’s bid sidesteps the antitrust hurdles that stalled earlier attempts, as regulatory scrutiny has softened in both the U.S. and Europe since 2020. By merging with TKE, Kone gains scale in a concentrated market while preserving most of the upside for its private‑equity backers. The transaction demonstrates that strategic sales can still generate strong returns despite a tougher financing environment.