Kone acquires TK Elevator in $34.4B deal to create world's largest elevator maker

Finnish elevator company Kone has agreed to acquire German rival TK Elevator in a cash-and-stock transaction valued at $34.4 billion. The deal would create the world's largest elevator manufacturer, surpassing current leaders Otis and Schindler. The acquisition combines Kone's strong presence in Europe and Asia with TK Elevator's significant market share in Germany and other regions. The transaction is expected to close within the next year, pending regulatory approvals. Kone's CEO stated that the merger will enhance innovation and service capabilities across the combined entity's global operations.