PE giants said to submit bids for Thyssenkrupp’s elevator unit, deal could reach €17bn

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German industrials conglomerate Thyssenkrupp has reportedly secured bids from at least three major groups for its elevator business, following interest from private equity majors earlier this year.

The bidders are looking to acquire a majority stake in Thyssenkrupp Elevator Technology, four people familiar with the matter told Reuters.

The unit, Thyssenkrupp’s most profitable, could sell for as much as €17bn.

Finnish competitor Kone has teamed up with CVC to submit a bid, while Blackstone and the Canada Pension Plan Investment Board have also submitted a joint bid, the people added.

Advent, Cinven and the Abu Dhabi Investment Authority have teamed up for a third joint bid, they said.

Hitachi which had been tipped as a potential bidder has now dropped out of the process.

The potential buyers are also willing to accept a minority stake for the company should it convince Thyssenkrupp’s key stakeholders.

Swedish public markets investor Cevian is the company’s second biggest shareholder and has cited a preference for an outright sale.

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