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…
Read MoreAdvent, Cinven, RAG consortium to buy Thyssenkrupp elevator unit for US$18.7bn
