ADIA, Advent, Cinven and RAG completed the acquisition of Thyssenkrupp's elevator technology business for $18.7bn.

Private equity firms ADIA, Advent, Cinven and RAG, completed the acquisition of Thyssenkrupp's Elevator Technology business for $18.7bn. Thyssenkrupp aims to use the cash inflow to the extent necessary to cut debt and to lower structural costs. Specifically, the company’s pension obligations are to be partially funded. "Divesting the elevator business with its more than 50k employees was a tough decision that was not easy for anyone but it was indispensable in the interests of the whole group of companies. The proceeds in the billions will give us tailwind for the transformation of thyssenkrupp. The closing of the transaction is a further milestone in this process of change. We are continuing to focus all our energies on substantially improving the performance of the remaining businesses. We wish our Elevator colleagues continued success and all the best for the future," Martina Merz, Thyssenkrupp CEO.