Advent and Cinven are evaluating exit strategies for TK Elevator, including a potential IPO or sale, as speculation grows about a possible acquisition by Finland’s Kone. The elevator manufacturer confirmed no decision has been made, though a public listing remains a key option. The firms, which acquired TK Elevator in 2020 as part of a €17.2bn consortium deal, are navigating volatile equity markets that favor trade sales over IPOs.

A merger with Kone could position the combined entity as the world’s largest lift maker, overtaking Otis and Schindler, but faces potential antitrust hurdles. Competitors have already raised concerns with regulators, signaling the deal’s complexity. Broader private equity exit dynamics are at play, with firms weighing public market uncertainty against strategic buyer interest.

Regulatory outcomes and market conditions will ultimately determine whether TK Elevator becomes a standalone public entity or integrates into a larger conglomerate.