Advent, Cinven, RAG consortium to buy Thyssenkrupp elevator unit for US$18.7bn

GERMANY – Thyssenkrupp AG has agreed to sell its elevators division to a consortium of Advent, Cinven and Germany’s RAG foundation for 17.2 billion euros (US$18.7 billion) in what could be the world’s largest buyout this year. The bidding group prevailed against a rival consortium comprising Blackstone Group Inc, Carlyle Group Inc and the Canada Pension Plan Investment Board, which sources said submitted a lower offer. The deal, which is believed to be Europe’s biggest buyout since 2007, values the division at roughly 18 times core earnings and is expected…

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