July 31, 2020 / 10:43 AM / 4 days ago

Thyssenkrupp closes $20.4 billion elevator unit sale

FRANKFURT, July 31 (Reuters) - Thyssenkrupp on Friday said it successfully closed the 17.2 billion euro ($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.

$1 = 0.8435 euros Reporting by Christoph Steitz; editing by Thomas Seythal

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