Top Case
TK Elevator: Financial investors Advent,
Cinven and the RAG Foundation acquire
thyssenkrupp Elevator with employment law
support from Seitz
Practice groups
Employment law
Year
2020 -
In March 2020, thyssenkrupp group sold its highly profitable elevator division to our client, a consortium led by the international financial investors Advent and Cinven and the RAG Foundation, for €17.2 billion. Our employment law team had assisted the acquirers in the negotiations on the employment law framework conditions of the mega deal with labor union IG Metall and the works councils. The agreement with the employee representatives was an essential prerequisite for winning the bidding competition.
Since the completion of the sale, Seitz has advised TK Elevator on various employment law restructuring projects.