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Competition and Consumer Commission of Singapore
Announcements

CCS Invites Public Feedback on the Proposed Acquisition of Vertical Topco II S.A. by KONE Oyj

7 October 2026

1.      The Competition and Consumer Commission of Singapore (“CCS”) is inviting public feedback on the proposed acquisition of Vertical Topco II S.A. (“Vertical Topco II”) by KONE Oyj (“KONE”) from Vertical Topco I S.A. (collectively, the “Parties”) (the “Proposed Transaction”).

2.      CCS accepted the application from the Parties on 29 September 2026 for a decision on whether the Proposed Transaction would infringe section 54 of the Competition Act 2004.

The Parties

KONE

3.      KONE is a Finnish multinational engineering company that specialises in elevators, escalators, and automatic building doors. Founded in 1910 and headquartered in Helsinki, KONE operates globally, employing over 60,000 people across 70 countries. KONE is officially listed on Nasdaq Helsinki and is ultimately controlled by its principal shareholder, Mr Antti Herlin, and entities under him.

4.      In Singapore, KONE operates through its local subsidiary, KONE Pte Ltd and trades under the brand name “KONE”.

Vertical Topco II

5.      Vertical Topco II is a holding company jointly controlled by private equity firms Advent International, L.P. and its affiliates, and Cinven VII, which is managed by Cinven Limited. Vertical Topco II’s wholly owned subsidiaries include TK Elevator GmbH (“TKE”), registered in Germany, and TK Elevator Singapore Pte. Ltd., registered in Singapore.

6.      TKE is a German multinational engineering company that designs, installs, and maintains elevators, escalators, moving walkways, lifts, passenger boarding bridges, stairlifts, and platform lifts. Founded in the 1860s and headquartered in Dusseldorf, TKE operates globally and employs around 50,000 people, including 25,000 service technicians, supported by more than 1,000 service centres worldwide. In Singapore, TKE operates as “TK Elevator Singapore Pte. Ltd.”

The Proposed Transaction

7.      The Parties have submitted that they overlap in the supply of the following:

a.    New installation of elevators and escalators, which involves the design, manufacture and installation of new elevators and escalators;

b.    Modernisation of elevators and escalators, which involves providing solutions for ageing equipment, ranging from component upgrade to full equipment replacement; and

c.     Maintenance and repair of elevators and escalators to ensure the safe and reliable operation of elevators and escalators.  

Public Consultation

8.      CCS is inviting public feedback on the Proposed Transaction from 7 October 2026 to 5.00pm on 20 October 2026. CCS is interested to hear views on the impact of the Proposed Transaction on competition. Public feedback can be provided via the online form (opens in new tab), or by email to ccs_consultation@ccs.gov.sg. If the submission or correspondence contains confidential information, please also provide CCS with a non-confidential version of the submission or correspondence.

9.      More information on the public consultation can be accessed and downloaded from the CCS website at ccs.gov.sg (opens in new tab) under the section “Public Consultation (opens in new tab)”.