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Thyssenkrupp closes $20.4 billion elevator unit sale

Published 07/31/2020, 06:46 AM
Updated 07/31/2020, 06:50 AM
© Reuters. Model of elevator called MULTI is pictured inside Thyssenkrupp's elevator test tower in Rottweil
TKAG
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FRANKFURT (Reuters) - Thyssenkrupp (DE:TKAG) on Friday said it successfully closed the 17.2 billion euro ($20.4 billion) sale of its elevator division, leaving the ailing conglomerate with a cash lifeline but robbing it of its best asset.

© Reuters. Model of elevator called MULTI is pictured inside Thyssenkrupp's elevator test tower in Rottweil

The group in February had agreed to sell the asset to a consortium led by private equity firms Advent, Cinven, with Germany's RAG foundation acting as co-investor.

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