German public sector foundation RAG Stiftung has reportedly joined a consortium led by private equity majors Advent International and Cinven to submit a takeover bid for Thyssenkrupp’s elevator business.
RAG owns a controlling stake in German chemicals group Evonik ,and has now set its sights on the Thyssenkrupp’s elevator unit, two sources familiar with the matter told Reuters.
Advent, Cinven and the Abu Dhabi Investment Authority were said to have teamed up for a third joint bid late last year.
Asian buyout firm Hillhouse Capital was also said to have made a non-biding offer for the unit which valued it at more than €15bn.
A string of private equity giants have reportedly been interested in a buyout of the unit, including joint offers from CVC and the Canada Pension Plan Investment Board, CVC and industry peer Kone, and Brazilian PE investor 3G Capital.
Thyssenkrupp Elevator Technology achieved €8bn of sales for the year 2018/2019, according to its website.
The unit, which is Thyssenkrupp’s most profitable, could sell for as much as €17bn, Reuters’ sources added.
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