The US Department of Justice (DOJ) has begun a detailed antitrust investigation into Finnish company Kone’s planned €29.4bn ($33.91bn) purchase of TK Elevator, a deal billed as creating the world’s “largest” elevator maker.
Kone told Bloomberg that the DOJ’s antitrust division is assessing whether the transaction could reduce competition in the US market.
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According to unnamed sources cited by the publication, the department sent the companies a request for additional information on Monday (10 August), the first formal step in a review process that can extend beyond a year.
Kone said it has been liaising with the DOJ since the deal was announced and still anticipates closing the transaction in the second quarter of 2027 at the earliest.
Unveiled at the end of April 2026, the acquisition ranks as the “largest” in Finland’s corporate history.
Combining with TK Elevator would roughly double Kone’s market value, which stood at around €30bn at the time the deal was announced, pushing the company past rivals Otis Worldwide and Schindler Holding.
The transaction also counts among the “largest” private equity exits recorded so far, with TK Elevator presently held by Advent and Cinven.
For Kone, it would realise a longstanding goal of building out its presence in the US, a market where the company has lagged; roughly 35% of its revenue currently comes from Asia.
“We are confident in the benefits this combination will bring to customers and look forward to delivering those benefits following closing,” Kone was quotes as saying by the publication.
Kone previously tried to buy TK Elevator in 2020, teaming up with CVC Capital Partners, but lost out to Advent and Cinven, who ultimately acquired the business.
In June, Kone’s chief financial officer, Ilkka Hara, indicated the company intends to divest certain assets to address antitrust concerns, without naming which ones.
