Mohit GogiaFirms have advised on Kone Corporation’s landmark EUR29.4 billion (USD34.4 billion) agreement to purchase Germany’s TK Elevator (TKE) in the largest transaction in Finland’s history, and the biggest private equity exit in Europe to date.
The transaction team comprised Cyril Amarchand Mangaldas, Hannes Snellman Attorneys, Skadden Arps Slate Meagher & Flom, Kirkland & Ellis and Freshfields.“We [CAM] advised Kone Corporation as Indian legal counsel, and it was great to have a role in Finland’s largest-ever transaction,” said lead partner Mohit Gogia.
“While this was a global cross-border transaction, the target has a material subsidiary in India, which was the subject of due diligence and interest of insurers providing R&W insurance. Aligning to global timelines and requirements in highlighting key diligence issues and responding to questions from the insurers was an important part of our work on this transaction.”
Cyril Amarchand Mangaldas, Hannes Snellman and Skadden are counselling Kone Corporation, a global leader in the elevator and escalator industry headquartered in Espoo. The Skadden team comprised Sandro de Bernardini, Sarah Knapp, Ken Schwartz, Giorgio Motta and Pete Coulton.
TKE, formerly known as Thyssenkrupp Elevator, is a portfolio company of a consortium led by Advent International and Cinven.
Gogia led the Indian transaction team, with support from senior associates Anisha Dash and Mehar Kaur. Strategic guidance was given by partner (co-head – private client and head – international business development) Rishabh Shroff, with the assistance of principal associate Shweta Pandey.
Hannes Snellman acted as global legal counsel to Kone.The M&A and corporate team included partners Mikko Heinonen, Thomas Landell, Anniina Järvinen, Riikka Rannikko and Klaus Ilmonen; counsel Viivu Kilkku and senior legal assistant Anni Ollus, associates Johan Kontio, Tobias Palmgren, Claes Backström, Jon Termonen, Agda Vähä-Piikkiö, Jatro Pihlavamäki and Samuel Åkerlund, and legal assistant Hanna-Mari Mudi. They were supported by the competition, employment, tax, IP, dispute resolution and knowledge management teams.
Kirkland & Ellis and Freshfields acted as global legal counsel to TKE and the selling consortium, respectively.
The team from Kirkland and Ellis comprised partners Benjamin Leyendecker, Adrian Maguire, Philip Goj and Dan Clarke, supported by associates Marcus Commandeur, Charles Hébert, Friedrich Focke, Benedict Wilson, Fabian Waterhölter, Lisa Müller, Saniya Sidhu, Sabrina Seitz, Chiara Schmid and Albert Planella i Obach. They were supported by the debt finance, capital markets, tax, IP and technology teams.
Freshfields is advising a consortium led by private equity firms Advent and Cinven on the merger control and broader regulatory aspects of the proposed combination of Kone and TKE.
The firm is supporting the global regulatory approval process with a team led by partners Martin Klusmann (Düsseldorf) and Alastair Chapman (London). Another team includes partners Jenn Mellott and Christine Wilson (both in Washington), as well as partner Hazel Yin (Freshfields RuiMin, Shanghai). Counsel Juliane Ziebarth (Düsseldorf) and Elizabeth Suarez (Washington) are supporting them, as well as principal associates Ole Schley and Marleen Böhm (both Düsseldorf), and senior associate Martin Dickson (London).
The transaction will create the world’s largest elevator company by revenue, with a combined installed base of over 2.5 million units across more than 70 countries. Completion remains subject to customary conditions and regulatory approvals.
Advent International is an American private equity firm specialising in buyouts across Europe, North America, Latin America and Asia. Cinven is a global private equity firm with offices worldwide.