CCS seeks views on KONE’s proposed TK Elevator deal

It is looking at the potential impact on elevator and escalator installation amongst pthers.

The Competition and Consumer Commission of Singapore (CCS) is seeking public feedback on KONE’s proposed acquisition of Vertical Topco II, the holding company that owns TK Elevator.

KONE plans to acquire Vertical Topco II from Vertical Topco I. CCS accepted the parties’ application on 29 September for a decision on whether the transaction would breach Section 54 of the Competition Act.

The regulator identified overlaps between KONE and TK Elevator in the installation of new elevators and escalators, modernization of aging equipment, and maintenance and repair services.

KONE is a Finnish engineering company specializing in elevators, escalators and automatic building doors. It operates locally through KONE Pte Ltd.

Vertical Topco II is jointly controlled by private equity firms Advent International and Cinven VII. Its wholly owned subsidiaries include Germany-based TK Elevator and TK Elevator Singapore.

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