Bloomberg reports that private equity firms Advent and Cinven are exploring a potential €25 billion exit of TK Elevator, their industrial assets company. This move comes as Kone enters advanced discussions to acquire the business, which was purchased by the PE firms from Thyssenkrupp in 2020 for €17.2 billion. The Finnish industrial group is working with advisers on a potential cash-and-stock deal that could value TK Elevator at up to €25 billion, including debt.

While the process remains ongoing and Kone aims for an agreement in the coming weeks subject to due diligence, there is no certainty a transaction will be completed. Advent and Cinven are also continuing preparations for a potential initial public offering of TK Elevator, remaining open to a sale as market conditions evolve.