UPDATE 6-Thyssenkrupp sells elevator unit for $18.7 bln to Advent, Cinven consortium [Reuters (UK)]
THYSSENKRUPP AG S/ADR (TKAMY)
NASDAQ:AMEX Investor Relations:
thyssenkrupp.com/en/investors
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Source: Reuters
Thyssenkrupp sells elevator unit for $18.7 billion to Advent, Cinven consortium - Reuters 5 Min Read FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp AG ( TKAG.DE ) said on Thursday it agreed to sell its elevators division to a consortium of Advent, Cinven [CINV.UL] and Germany’s RAG foundation for 17.2 billion euros ($18.7 billion) in what could be the world’s largest buyout this year. The bidding group prevailed against a rival consortium comprising Blackstone Group Inc ( BX.N ), Carlyle Group Inc ( CG.O ) and the Canada Pension Plan Investment Board, which sources said submitted a lower offer. The deal, Europe’s biggest buyout since 2007, values the division at roughly 18 times core earnings, a person familiar with the matter said. It is expected to close at the end of the second quarter. The price beats the most optimistic estimates and roughly matches a bid that had been submitted earlier in the process by Finnish rival Kone ( KNEBV.HE ), which dropped out of the race earli
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