BERLIN- The consortium which placed the winning bid for the acquisition of Thyssenkrupp’s elevators division intends to spend billions of euros on the business’ expansion.
There is no money shortage for global expansion according to Ranjan Sen, managing partner with Advent. He says that the Thyssenkrupp Elevator expansion could amount to single-digit billions.
On Thursday, Thyssenkrupp agreed to sell its elevators division to a consortium consisting of Advent, Cinven and Germany’s RAG foundation for an amount of 17.2 billion euros.
Thyssenkrupp plans to reinvest 1.25 billion euros to claim stake in the unit.
Thyssenkrupp Elevator is the world’s fourth-largest lift manufacturer behind Otis, Schindler and Kone.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.