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Deals

Thyssen to Sell Elevators in $19 Billion Private-Equity Deal

  • Thyssenkrupp has been battered by Germany’s economic slowdown
  • Elevator sale is part of broader restructuring at conglomerate
The Thyssenkrupp Elevator test tower in Rottweill, Germany.Photographer: Krisztian Bocsi/Bloomberg
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Thyssenkrupp AG will sell its elevator division to a group backed by Advent International and Cinven for 17.2 billion euros ($18.9 billion), making it the biggest private-equity deal in Europe in a decade.

Advent and Cinven are part of a consortium that includes the Abu Dhabi Investment Authority and Germany’s RAG Foundation. They beat out a rival bidding group that included Blackstone Group Inc. and Carlyle Group Inc.