Saudi Wealth Fund’s Alat Unit Buys 15% Stake in TK Elevator (1)

Alat, a unit of Saudi Arabia’s sovereign wealth fund, has bought 15% of TK Elevator and unveiled a joint venture that will make escalators and moving walkways, as the kingdom looks to boost domestic manufacturing.

Financial details and the names of the selling shareholders were not disclosed. The deal gives TK Elevator an equity value of about €12 billion ($12.6 billion), or an enterprise value of more than €23 billion after taking into account the company’s net debt, people with knowledge of the matter said.

Representatives for Alat and TK Elevator’s private equity owners declined to comment.

The deal comes ...