BERLIN—Germany’s troubled Thyssenkrupp AG said Thursday it would sell its lucrative elevators business to a consortium led by global buyout firms Advent International and Cinven Ltd. for €17.2 billion in one of Europe’s largest private equity deals in over a decade.
The sale marks a turning point for the former German industrial icon that has been plagued by shrinking profits, surging debt and internal fights over strategy just as investors have been falling out of love with the conglomerate model.
Source: News Formal (newsformal.com)
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