Kone Is Said to Near €29 Billion Deal for Rival TK Elevator

Kone Oyj is nearing a cash-and-stock deal to acquire TK Elevator, people familiar with the matter said, in what will be one of the biggest-ever private equity exits in Europe.

The Finnish company is putting the final touches on a transaction with TK Elevator’s owners Advent and Cinven, and an agreement could be announced as soon as Wednesday, according to the people. The sale is set to value TK Elevator at about €29 billion ($34 billion) including debt, the people said.

A deal would rank as one of the largest sales of a private equity-owned asset in Europe ...