Linklaters, Kirkland and Freshfields Advise on $19B Thyssenkrupp Sale to Advent, Cinven Consortium
Sale of the elevator unit, expected to be one of the largest buyout deals in Europe, is part of the larger restructuring of the German industrial giant.
February 28, 2020 at 05:04 PM
3 minute read
Linklaters and Kirkland & Ellis are lead advisers on the sale of the elevator unit of the German conglomerate ThyssenKrupp—a deal that marks the largest buyout transaction in Europe since the 2008 financial crisis.
A consortium made up of the private equity firms Advent International and Cinven, as well as Germy's RAG Stiftung, are buying ThyssenKrupp's elevator technology unit for €17. 2 billion ($18.9 billion.) RAG Stiftung is the foundation created after the dissolution of the technology and mining group RAG and is now the majority owner of Evonik Industries AG.
In a drawn-out, competitive bidding process, Linklaters advised ThyssenKrupp in a dual-track mode, as the German company had also weighed listing the elevator unit in an initial public offering.
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