Finland's Kone prepares sale of TK Elevator's European business to tackle antitrust concerns, sources say

Munich: Kone is planning to launch the sale of most of TK Elevator's European business in a bid to tackle antitrust concerns over the Finnish firm's planned €29.4 billion ($33.3 billion) purchase of its German rival, two people familiar with the matter said.

A sales process for TK Elevator's (TKE) European business - which comprises elevators, escalators and related services - is expected to be launched in the fall, the people said, with one of the sources saying it could start in November.

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Kone in April agreed to buy TKE from an investor group led by Advent International and Cinven in a deal that would create the world's largest lift maker.

"Since announcing the transaction, KONE and TKE have been working closely and constructively with regulators," Kone said in a statement. "We have always been clear that remedy divestments may be necessary in some geographies to secure regulatory clearance."

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Advent, Cinven and TKE declined to comment.