World News

Thyssenkrupp sells elevator unit for $18.7 billion to Advent-led consortium

FRANKFURT (Reuters) – Thyssenkrupp <TKAG.DE> on Thursday said it agreed to sell its prized elevator division to a private equity consortium including Advent, Cinven and Germany’s RAG foundation for 17.2 billion euros ($18.7 billion).

As part of the deal, Thyssenkrupp will reinvest 1.25 billion euros of the proceeds to take a stake in the unit, it said.

($1 = 0.9201 euros)

(Reporting by Christoph Steitz; Editing by Edward Taylor)