Friday, 3 Apr 2020

Buyout bids for Thyssenkrupp Elevator loaded with similar leverage: sources

FRANKFURT (Reuters) – Private equity suitors for Thyssenkrupp’s (TKAG.DE) elevator division, which is seen fetching around 16 billion euros ($17.4 billion), have submitted offers with similar levels of debt, four people familiar with the process told Reuters on Wednesday.

Two consortia remain in the race: Blackstone (BX.N), Carlyle (CG.O) and the Canada Pension Plan Investment Board are competing with Advent and Cinven, who are supported by the Abu Dhabi Investment Authority and Germany’s RAG Stiftung.

The bids, which were submitted in the afternoon, both include a leverage factor of more than 7 times earnings before interest, tax, depreciation and amortization, the people said.

Spokespeople for Thyssenkrupp and the suitors declined to comment or were not immediately available for comment.

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