Bird & Bird advises TK Elevator on its acquisition of Sdiptech’s Swedish elevator operations

Bird & Bird has assisted TK Elevator (formerly thyssenkrupp Elevator) in acquiring Sdiptech’s Swedish elevator operations, strengthening its position in the Nordic region.

Bird & Bird has assisted TK Elevator, a global urban mobility leader, in the acquisition of Sdiptech’s Swedish elevator operations. The target companies have a strong reputation for high-quality service and modernization, with a maintenance portfolio of approx. 9,500 units in the Stockholm area. The acquisition significantly expands TK Elevator’s service network in Sweden and strengthens its position in the Nordic market.

TK Elevator has more than 50,000 employees serving customers in over 100 countries. The company’s most important business line is its service business, with approximately 1.4 million units under maintenance and over 24,000 service technicians globally. The product portfolio covers commodity elevators for residential and commercial buildings to cutting-edge, highly customized solutions for state-of-the-art skyscrapers. In addition, it also consists of escalators and moving walks, passenger boarding bridges, stair and platform lifts, as well as tailored service solutions such as MAX, the industry’s first cloud-based digitally enhanced maintenance solution.

Bird & Bird has a unique Nordic offering and expertise, providing clients with seamless advice in their strategic acquisitions in the Nordic region.

The Nordic Bird & Bird team included responsible Partner Mårten Willamo and was led by Senior Associates Taymaz Afsari and Marcus Erneholm, working together with Ahmed Al-Rahma, Lucas Magnusson, Victor Holmberg, Sofia Ekeryd, Karin Tukiainen, Amanda Lannge, Elisabeth Zhou, Mariam Hussein and Michael Butler (all Stockholm), and Morten Nisse and Alexander Brochen (Copenhagen).

The transaction is subject to the approval of the Swedish Competition Authorities, expected in April 2021.