Thyssenkrupp sells elevator unit for $18.7 billion to Advent-led consortium

Reuters

Published Feb 27, 2020 01:31PM ET

Thyssenkrupp sells elevator unit for $18.7 billion to Advent-led consortium

FRANKFURT (Reuters) - Thyssenkrupp (DE:TKAG) on Thursday said it agreed to sell its prized elevator division to a private equity consortium including Advent, Cinven and Germany's RAG foundation for 17.2 billion euros ($18.7 billion).

As part of the deal, Thyssenkrupp will reinvest 1.25 billion euros of the proceeds to take a stake in the unit, it said.