Kone Elevator Acquires Tisheng Elevator

On April 29, 2026, Kone Group of Finland announced the acquisition of Tisheng Elevator for 29.4 billion euros, including 5 billion euros in cash and new share issuance, which is expected to be completed in the second quarter of 2027 and will become the world’s largest elevator manufacturer after the merger. Summary of the deal: Kone Group acquired Tisheng Elevator for 29.4 billion euros ( $34.4 billion), the highest valuation in Finnish history. After the merger, the annual revenue is about 20.5 billion euros, and more than 3.2 million elevators are maintained.Service and transformation business accounted for 65%. Industry impact: The merger broke the “four-strong” pattern of the elevator industry (originally Kone, Otis, Schindler and Tisheng), and the scale surpassed Otis ( $29.684 billion market value) and Schindler ( $36.2 billion market value), forming a “Big Mac” enterprise. Synergy effect: It is estimated that the annual efficiency will be increased by 700 million euros. Technology integration will accelerate the development of intelligent elevators, AI maintenance, green energy conservation and other fields, while optimizing the global service network. Follow-up process: The transaction needs to pass the anti-monopoly review in the European Union, the United States, China and other places. At present, the two companies maintain independent operation, and the staff and business are not affected for the time being. Market reaction: Kone’s share price rises, Otis’s share price is under pressure, the industry competition pattern is facing remodeling, and the survival pressure of small and medium-sized enterprises may intensify.