The ailing steel and industrial group Thyssenkrupp sold its Elevator division to 17.2 billion euros to a consortium of several financial investors. The Thyssenkrupp said on Thursday in Essen. With the money the company wants to reduce debt, and the planned restructuring of the group Finance.

For a part of the sale price in the amount of 1.25 billion euros, Thyssenkrupp want to acquire again shares in the sold the Elevator business. The transaction subject to merger control authorizations, it is expected, but no concern of the competent authorities, - stated in the message. ThyssenKrupp 9,16 EUR -0,09 (-0,93%) Xetra

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belongs To to buyers are financial investors, Advent and Cinven, the RAG-Stiftung, Essen

Among the buyers financial investors, Advent and Cinven, the RAG-Stiftung in Essen. The Foundation for the financing of the permanent follow-up costs of the coal industry is responsible and to secure the income of their capital dependent.

The Elevator business is currently the only significant sources of profit in the case of Thyssenkrupp. Worldwide, Thyssenkrupp Elevator, around 53 000 employees, almost a third of all employees. While the steel is deep in the red, Thyssenkrupp achieved with the sale and maintenance of elevators and escalators alone in the first quarter of the current fiscal year, an operating profit of 228 million euros.

Until the IPO, then sale

Thyssenkrupp had initially prepared for an IPO, the Elevator division, which is cancelled with the sale to financial investors. Interest had also registered competitors such as the Finnish Kone group. The Finns retreated, but from the bidding race. Finally, the investors Blackstone, Carlyle and Canadian Pension Plan were offered together for the Elevator division.

Thyssenkrupp has deteriorated in the past few months, the situation is always more. The long-prepared merger of the steel division and the European branch of the Indian steel group Tata had been prohibited by the EU Commission. A splitting of the group into two public companies has been cancelled out. CEO Guido Kerkhoff had to take after only a year in office, his hat. In October, the Chairman of the Supervisory Board Martina Merz as interim chief then moved to the top of the Board. After the sale of the Elevator business, the tradition will be rich steel back to the core business of Thyssenkrupp.

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beb/dpa Date Of Update: 27 February 2020, 22:00