February 27, 2020 / 6:33 PM / a month ago

Thyssenkrupp sells elevator unit for $18.7 billion to Advent-led consortium

FILE PHOTO: A model of the MULTI elevator pictured inside Thyssenkrupp's elevator test tower in Rottweil, Germany, January 21, 2020. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - Thyssenkrupp (TKAG.DE) on Thursday said it agreed to sell its prized elevator division to a private equity consortium including Advent, Cinven and Germany’s RAG foundation for 17.2 billion euros ($18.7 billion).

As part of the deal, Thyssenkrupp will reinvest 1.25 billion euros of the proceeds to take a stake in the unit, it said.

($1 = 0.9201 euros)

Reporting by Christoph Steitz; Editing by Edward Taylor

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