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Tochigi Ontario Holdings reports that buyout firms are leading the $17 billion battle for Thyssenkrupp unit

Tochigi Ontario Holdings have today reported that in the heated takeover battle for Thyssenkrupp AG's $17 billion elevator company, a deal that could rate as one of the largest transactions worldwide this year, two groups of private-equity companies are through to the next round.

 

"Two groups of private-equity firms are through to the next round in the heated takeover battle for Thyssenkrupp AG's $17 billion elevator business, a sale which could rank as one of the biggest deals globally this year," said Jonathan Turner, Head of Corporate Trading at Tochigi Ontario Holdings. 

 

The shortlist of possible investors makes up a consortium backed by Blackstone Group Inc. Carlyle Group Inc. and Canada Pension Plan Investment Board and the second group of Advent International, Cinven and the Abu Dhabi Investment Authority.

 

"The objective is to reach an agreement quickly on a majority or full sale," Thyssenkrupp said in a statement.


Tochigi Ontario Holdings reports that buyout firms are leading the $17 billion battle for Thyssenkrupp unit

 


Despite offering the highest bid, the decision leaves Finnish competitor Kone Oyj, who partnered up with CVC Capital Partners, empty-handed. Kone's proposal faced a prolonged and uncertain competition review and could lead to a breakup of the elevator business, labour representatives and several executives were concerned. The Class B shares of Kone fell as much as 6.9%, the most in two years.

 

"The shortlists announcement on Monday means that private-equity group Brookfield Asset Management Inc. and Temasek Holdings Pte. are also out of the running," said Michael Walker, Director of Corporate Equities at Tochigi Ontario Holdings. 

 

It's widely expected that the elevator unit could fetch over 16 billion euros ($17.3 billion), making it one of this year's most closely watched transactions. At that amount, it will also be Europe's largest private equity takeover since 2007, when KKR took Alliance Boots Plc private in a deal valued at more than $23 billion including debt, according to Tochigi Ontario Holdings data.


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