Thyssenkrupp to attract at least four bidders for elevator unit – FT

Thyssenkrupp to attract at least four bidders for elevator unit – FT

Nov. 8, 2019 11:58 AM ET|About: thyssenkrupp AG (TYEKF)|By: Carl Surran, SA News Editor

Thyssenkrupp’s (OTCPK:TYEKF) elevator business is set to attract initial bids from at least four would-be buyers in time for today’s deadline, Financial Times reports.

Bidders for the unit include consortiums of some of the world’s largest private equity groups as well as rival Kone, in a deal that could be worth as much as $20B.

According to the report, consortiums include a group consisting of P-E firms Blackstone and Carlyle and the Canada Pension Plan Investment Board; a group made up of Advent International, Cinven and the Abu Dhabi Investment Authority; a partnership between Finnish engineering group Kone and P-E firm CVC Capital Partners; and Brookfield Asset Management.

Bidders are said to be attracted the company in part because of the steady stream of revenues it generates from the maintenance and servicing of lifts.

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