29 billion EUR is a clearly higher EV than what the most recent rumors ‘suggested’.
So we have returned to the level of previous rumors.
According to the release, KONE’s principal owner Herlin promised to purchase one billion worth of shares from the seller, so they would receive more cash than that 5 billion EUR.
An acquisition of quite a massive scale.
Synergies of 700 million EUR/year are stated, costs are the same amount but as a one-off over two years.
- Vertical Topco I S.A. would receive 5 billion euros in cash consideration and a maximum of 270 million new KONE class B shares as share consideration, both subject to certain adjustments. Calculated based on the closing price of KONE’s class B share on 28 April 2026 and the maximum amount of share consideration (270 million shares), the value of the share consideration would be 15.2 billion euros and would represent 33.8% of all shares issued by KONE and 18.3% of all KONE votes (excluding treasury shares held by the company) after the completion of the arrangement.
- Based on the total consideration calculated according to the aforementioned assumptions, TKE’s enterprise value would be approximately 29.4 billion euros, including interest-bearing net debt. Most of TKE’s existing interest-bearing net debt, totaling approximately 9.2 billion euros, would be refinanced.