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Comment / these 8 things about Kone's mega-deal must be known. The price tag of Kone's corporate acquisition is staggering, and Finnish business leaders have often returned from Germany with their tails between their legs. However, the over 29 billion euro deal has been prepared with exceptional patience, writes editor-in-chief Jussi Kärki. Today at 15:30 Jussi Kärki Finland's largest corporate acquisition has many positive aspects. 1. A Finnish company is for once in the driver's seat when major corporate deals are being executed. Kone is buying TK Elevator's elevator and escalator company for 29.4 billion euros. 2. Kone's main owner Antti Herlin is realizing what has been much discussed lately at EK in Eteläranta. Finnish owners must more boldly seek growth and also be willing to take risks. 3. Kone has shown rare long-termism and persistence, as the elevator company has long sought to acquire ThyssenKrupp. Six years ago, Kone failed to buy Thyssen's elevators, and the German company ended up with two investment firms, Advent and Cinven. 4. With the mega-deal, Kone expands into North and South America, where TK Elevator is a strong company. This brings geographic diversification, as new construction in China remains sluggish. 5. Sales of new elevators are flat for large elevator companies largely due to China. The importance of maintenance in earnings is growing, and the acquired TK Elevator is a major player in elevator modernization, for example in the USA. Problems may arise in the long run. 1. Germany is a difficult country. Many Finnish companies have felt this in their bones, examples include Fortum/Uniper, Nokia/Siemens, Sonera's UMTS deals. 2. Germany's trade union movement is strong when overlaps need to be dismantled after the acquisition and synergies sought, which this time have been estimated as very large. 3. The corporate acquisition will be a long process before authorities approve it and the companies can really move into the implementation phase. In summary: Kone and Antti Herlin are making a bold move. It is good to take a cue from this in Finland, which has sunk into apathy, more broadly.

Finland's largest corporate deal is realized - Kone buys TK Elevator. The historic deal is realized as Kone acquires TK Elevator with an enterprise value of 29.4 billion. The merger is expected to close earliest next year. Today at 8:28 Today at 10:25 Perttu Räisänen Iina Niskanen Juuso Parviainen Elevator company Kone is buying German TK Elevator from an investor consortium led by Advent and Cinven with an enterprise value of 29.4 billion. With the transaction, Kone acquires Vertical Topco II, which owns all of TK Elevator's business and its direct and indirect subsidiaries. In the arrangement, Vertical Topco I S.A. receives five billion euros in cash and up to 270 million new Kone B-shares, both subject to possible adjustments. Based on Kone's closing price on the previous trading day, the maximum value of the share consideration is about 15.2 billion euros. This would represent about 33.8 percent of all Kone shares and 18.3 percent of the company's voting power after the deal closes. The merger is expected to generate significant added value for both customers and shareholders, particularly through operational synergies. These cooperation benefits are estimated to reach about 700 million euros annually. The completion of the purchase requires regulatory approvals and approval from Kone's extraordinary general meeting, which is scheduled to convene in June 2026. Kone estimates obtaining the necessary approvals without jeopardizing the strategic goals of the arrangement. The transaction is expected to close no earlier than the second quarter of 2027. This is the largest corporate acquisition in Finland's history. The company grew stronger than expectations. Before announcing the TK Elevator deal, Kone published its interim report for January-March. The company grew stronger than expected, while earnings largely met forecasts. New orders did not develop as favorably as analysts had anticipated. Kone's revenue increased to 2,708 million euros from 2,672 million euros in the same period the previous year. Analysts had on average expected 2,690 million euros, according to data service Vara Research. On a comparable currency basis, revenue grew 6.7 percent, while analysts had forecast 4.8 percent. Adjusted operating profit rose to 294 million euros from 280 million euros in the comparison period, while expectations were for 295 million euros. The adjusted operating profit margin was 10.8 percent. In the comparison period, the figure was 10.5 percent. With analysts' forecasts, it would have been 11.0 percent. The news has been updated comprehensively on 29.4.2026 at 9:05 AM after the deal was announced. Added Kone's interim report information at 10:05 AM and information on previous corporate acquisitions at 10:25 AM.

The European Investment Bank is lending €250 million to Finnish elevator and escalator company KONE to support research and innovation in building mobility technologies. The financing will fund development of next-generation elevators, escalators and intelligent people-flow solutions between 2026 and 2029. KONE, headquartered in Espoo, reported sales of €11.2 billion in 2025 and operates globally in building solutions, service and modernisation. The programme will focus on improving safety, performance and energy efficiency whilst developing technologies for managing people flow in urban environments. Research activities will primarily take place in Finland and Italy, maintaining highly skilled engineering jobs in Europe. The loan is part of the EIB's TechEU initiative, supporting European companies developing advanced technologies to strengthen industrial competitiveness.