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European Commission OKs Sale of Thyssenkrupp Elevator Division

By  |  June 19, 2020

Thyssenkrupp announced on Thursday, June 19, that the European Commission has cleared the sale of its elevator division to a private equity consortium including Advent, Cinven and Germany’s RAG foundation, paving the way for the deal’s closing.

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    “It has been contractually agreed with the buyers that the closing will take place by July 31, 2020,” Thyssenkrupp said in a statement. Sources told Reuters earlier on Thursday that the deal would close in July.

    The 17.2 billion euro ($19.3 billion) transaction, agreed in February, provides Thyssenkrupp with a badly needed injection of cash it needs to fund pension liabilities and to lower debt.

    Full Content: Reuters

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