Thyssenkrupp closes $20.4 billion elevator unit sale

FRANKFURT (Reuters) – Thyssenkrupp on Friday said it successfully closed the 17.2 billion euro ($20.4 billion) sale of its elevator division, leaving the ailing conglomerate with a cash lifeline but robbing it of its best asset.

The group in February had agreed to sell the asset to a consortium led by private equity firms Advent, Cinven, with Germany’s RAG foundation acting as co-investor.

(Reporting by Christoph Steitz; editing by Thomas Seythal)