KONE is seeking to retain TK Elevator’s Spanish and Portuguese operations as it negotiates remedies with Brussels for its €29.4bn ($34.4bn) acquisition of the German elevator maker, potentially narrowing the European asset disposals previously expected to secure antitrust approval.
Kone had been preparing to sell most of TK Elevator’s European operations, a package potentially worth €5bn ($5.9bn) or more, with Mitsubishi Electric and EQT Group-backed Fujitec Elevators & Escalators among interested buyers. Keeping the Iberian businesses could preserve more of Kone’s targeted €700m ($819m) in annual synergies, but would leave regulators assessing a more concentrated market in Spain and Portugal.
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