Sale of the Elevator business: The billion deal for ThyssenKrupp is perfect

ThyssenKrupp can expect at the end of July with 17.2 billion euros from the sale of its Elevator division. On Thursday, the European Commission has approved the

Sale of the Elevator business: The billion deal for ThyssenKrupp is perfect

ThyssenKrupp can expect at the end of July with 17.2 billion euros from the sale of its Elevator division. On Thursday, the European Commission has approved the sale to a consortium led by financial investors Advent and Cinven, as well as the RAG-Stiftung. It is all for Closing the necessary approvals now, a company spokesman said: "With the purchasers of the contract, it is agreed that the Closing of the 31. July 2020 is to be done“.

Helmut Bünder

economic correspondent in Düsseldorf.

F. A. Z.

as a result, ThyssenKrupp is faster on target than initially hoped for, as a of a share by the end of the financial year – end of September – the speech was. A total of 13 agencies around the world, had to approve the transaction. The heavy-hinged steel and industrial group urgently needs cash to reduce debt and to open up new fields of business. In February, he had agreed to the sale of the lucrative Elevator business, in which more than 50,000 people are employed.

according to the news Agency Reuters reported, is to go to the Elevator company a billion-dollar high-interest bond. She was part of the planned financing of the deal, wrote Reuters, citing in particular-called Insider. The process will be organised by Credit Suisse, Goldman Sachs and UBS.

THYSSENKRUPP -- -- (--) Xetra tradegate long & black London SE Int. Level 1StuttgartFrankfurtSchweizSchweiz OTCSchweizWien 1T 1W 3M 1J 3J 5J For detail view

in Order to bridge the time until payment of the purchase price, ThyssenKrupp in the state-owned KfW-Bank group secured a credit line of one billion Euro. Apparently, the group has not had to resort to it but so far. Whether he will survive until the end of July without the utilization of the loan, depends on how hard the Corona-crisis on the business and the existing liquidity will drain. In the first half of the year, a net loss of approximately EUR 1.3 billion was run up, and for the current third quarter, the group does not exclude that a loss of more than a billion euros will be incurred.

Updated Date: 18 June 2020, 20:19

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