Kone Is Said in Discussions to Acquire Competitor TK Elevator

Kone Oyj is in talks to acquire TK Elevator, the private equity-owned elevator maker that’s been planning an initial public offering, people familiar with the matter said.

The Finnish company is working with advisers as it progresses in negotiations on a potential cash and stock deal for TK Elevator, according to some of the people. TK Elevator’s owners have been seeking a valuation of as much as €25 billion ($28.7 billion) including debt in any transaction, the people said.