Thyssenkrupp closes US$20.4 billion elevator unit sale

Thyssenkrupp closes US$20.4 billion elevator unit sale

Thyssenkrupp on Friday said it successfully closed the 17.2 billion euro (US$20.4 billion) sale of its elevator division, leaving the ailing conglomerate with a cash lifeline but robbing it of its best asset.

Model of elevator called MULTI is pictured inside Thyssenkrupp's elevator test tower in Rottwe
FILE PHOTO: A model of the elevator called MULTI is pictured inside Thyssenkrupp's elevator test tower in Rottweil, Germany, January 21, 2020. REUTERS/Michaela Rehle

FRANKFURT: Thyssenkrupp on Friday said it successfully closed the 17.2 billion euro (US$20.4 billion) sale of its elevator division, leaving the ailing conglomerate with a cash lifeline but robbing it of its best asset.

The group in February had agreed to sell the asset to a consortium led by private equity firms Advent, Cinven, with Germany's RAG foundation acting as co-investor.

(Reporting by Christoph Steitz; editing by Thomas Seythal)

Source: Reuters

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