Finnish elevator company Kone plans to sell the majority of TK Elevators’ European operations to address competition authorities’ concerns over the planned acquisition of the German competitor for EUR 29.4 billion. Reuters reports, citing two sources familiar with the matter.
The sales process, which includes elevators, escalators and related services, is expected to begin in the autumn and may start in November, according to one of the sources.
Kone says divestments may be necessary in certain markets to obtain regulatory approval.
