Thyssen Nears Elevator Sale as Blackstone Vies With Advent
- German firm’s board meets Thursday afternoon to decide winner
- Some at Thyssenkrupp favor Blackstone investment pledges
Engineers carry out maintenance work inside the Multi system elevator shaft, which enables vertical and horizontal movement, inside the Thyssenkrupp Elevator AG test tower in Rottweill.
Photographer: Krisztian Bocsi/BloombergThyssenkrupp AG plans to choose a winner Thursday in the hotly-contested bidding for its elevator unit, with Blackstone Group Inc. pitching long-term investments in an attempt to win over the German company, people with knowledge of the matter said.
Blackstone, which has partnered with Carlyle Group Inc. and Canada Pension Plan Investment Board, has pledged to pour about $2 billion into the operations, according to the people. It has also vowed to keep the business in one piece and plans to keep using the Thyssenkrupp brand for now, the people said, asking not to be identified because the information is private.