Advent et al. bid for ThyssenKrupp elevators division

Two trade buyers – Finland-based lift manufacturer Kone and Japan-based industrials group Hitachi – are also likely to join the bidding process, while EQT has withdrawn from bidding, according to a report by the Financial Times.

The report also mentions the Carlyle Group, CVC, KKR and Blackstone Group are interested in the unit.

Earlier this year, ThyssenKrupp attempted to merge its steel division with Tata Steel's European division before the deal was blocked by the European competition authority. The company later considered a partial flotation for its elevators business, which would have been worth an estimated €14bn. However, the company has opted for a formal auction, confirming a report from Reuters in early September.

The elevator technology unit reported €5.8bn in net sales between October 2018 and June 2019, up from €5.5bn in the same period in the previous year. The division generated an adjusted EBIT of €642m in the latest financial year, up from €641m the previous year. The division employed 53,010 people as of June 2019.

At the time of publication, ThyssenKrupp was trading at €12.80 a share.

Advent and Cinven declined to comment.

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